ARK Invest has loaded up on over $5 million in Tesla stock following a 12.13 percent slide in share price on Thursday after Wednesday’s Earnings Call.
ARK bought 148,246 shares in its $ARKK ETF, its Innovation Fund. Meanwhile, it snapped up 29,624 in the Next Generation Internet ETF, known as $ARKW.
Based on Tesla stock’s closing price of $182.63 on Thursday, the purchase price is roughly $5.5 million.
ARK Invest plans to offer a new price target on Tesla stock in the coming months, which will outline its predictions for 2028, an interview with Bloomberg on Thursday said. Tasha Keeney, one of ARK’s most notable analysts, said that the firm is looking more in the long-term than the short term, which is where many analysts drew criticism from yesterday’s Earnings Call.
Tesla Earnings ‘A Train Wreck Conference Call’
Wedbush’s Dan Ives is one of Tesla’s biggest bulls. However, when it comes to the Q4 2023 and Full Year 2023 Earnings Call, Ives was frustrated with what Tesla executives brought to the table.
“This was 101 how not to do a conference call,” Ives said. Additionally, the analyst called it a “train wreck” because Tesla executives did not outline a margin outlook or a guidance estimate for production and deliveries for the year.
Tesla did state that it expects a “notable” reduction in growth rate for 2024 as it will spend most of the year developing its next-generation vehicle platform. Interestingly, it does not expect the Model Y, Model 3, and Cybertruck to increase its growth from 2023, when it produced 1.8 million units.
Ives reduced his price target from $350 to $315.
Additionally, Morgan Stanley’s Adam Jonas reiterated his $345 price target and an ‘Overweight’ rating.
Canaccord Genuity also lowered its price target to $234 from $267 but maintained a ‘Buy’ rating and stated, “It’s time to be patient,” in terms of what to expect from shares this year.
You can read our full report on analyst comments following the Q4 2023 Earnings Call below:
Tesla (TSLA) Q4 and FY 2023 earnings call: How analysts are reacting
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