Star stock-picker Cathie Woods went bargain hunting over the last few days.
Tesla (TSLA)
Just last week, Woods’ Ark Invest bought about 55,000 shares to Tesla – worth nearly $50 million at the time. All after TSLA posted strong earnings.
According to TheFly.com, TSLA reported revenue of $17.72 billion, as compared to estimates for $16.35 billion. “Tesla said in its quarterly update letter: 2021 was a breakthrough year for Tesla. There should no longer be doubt about the viability and profitability of electric vehicles. With our deliveries up 87% in 2021, we achieved the highest quarterly operating margin among all volume OEMs, based on the latest available data, demonstrating that EVs can be more profitable than combustion engine vehicles.”
JP Morgan then raised its price target to $325 from $295. Citi raised its target to $313 from $262. Wells Fargo raised its target to $910 from $860.
Unfortunately, the stock is slipping today on news of an SEC subpoena with regards to a settlement with Elon Musk.
Robinhood (HOOD)
“The founder and CEO of Ark Invest purchased a total of 2.58 million shares of popular stock trading app Robinhood after the stock plunged to a record low of less than $10 per share on Friday following a dismal quarterly earnings report,” reported Forbes.
All after the trading app stock plunged to all-time lows.
Even better, some analysts believe HOOD has bottomed out. According to TheFly.com, “Mizuho analyst Dan Dolev lowered the firm’s price target on Robinhood to $19 from $20 and keeps a Buy rating on the shares. After a disappointing start as a public company, Robinhood has ‘turned the corner,” he said.
XPeng Inc. (XPEV)
In December, Woods’ firm bought another $4.3 million worth of XPEV.
While the stock has since pulled back, keep an eye on it. Not only is XPEV oversold, but its delivery numbers have been improving.
According to CNBC, “Xpeng said it delivered 12,922 electric vehicles in January, a more than 19% dip from December. But that still represents a 115% year-on-year rise.”
