Tesla bull keeps buying
Tesla continues to buy bulls Although many investors pulled out of positions due to Tesla’s difficulties, Kathy Wood on Tuesday saw the company’s share price decline as a buying opportunity. ARK Invest bought more than 176,000 shares of Tesla after Tesla shares fell 12 percent on Tuesday, according to own data from investment management firm ARK Invest, of which Wood is the founder, CEO and CIO. Wood’s funds have purchased a total of more than 938,000 Tesla shares since October, according to ARK data compiled by Bloomberg. The fall in stocks on Tuesday was the biggest daily drop in two years as the company delivered lower-than-expected deliveries despite Tesla’s stimulus. Tesla’s share price fell nearly 65% last year, down about 65%. Analysts are lowering their price targets for Tesla shares as shipments fall below the third forecast. The average of Tesla’s 12-month price forecasts has fallen to its lowest level since October 2021. However, the target price that analysts have agreed to indicates that the value of the company’s shares will more than double from the current price over the next 12 months. However, be aware that stocks such as Tesla, which is expected to rise much more than the market average, are under pressure from Fed tightening and fears of a global recession.
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