Cathie Wood Buys Into General Motors After Stock’s Steep Slide
2022.05.10 16:41
Cathie Wood Buys Into General Motors After Stock’s Steep Slide
(Bloomberg) — Cathie Wood’s fund on Monday marked its first purchase of shares in U.S. automaker General Motors Co (NYSE:GM)., according to trading data from ARK compiled by Bloomberg.
Wood’s firm ARK Investment Management LLC bought 158,187 shares of General Motors in a transaction worth just over $6 million, the data show, with ARK Autonomous Technology and Robotics ETF making the purchase.
The transaction came as GM shares traded at close to their lowest level since November 2020, after sinking more than 40% from a Jan. 4 record high. Wood’s firm made the purchase nearly two weeks after the company posted quarterly earnings that beat estimates.
While GM moves toward developing a range of battery-powered vehicles, Wood’s firm has been selling shares of electric-vehicle bellwether Tesla (NASDAQ:TSLA) Inc. in at least each of the last four quarters, according to data compiled by Bloomberg.
ARK’s daily trading updates show only active decisions by the management team and don’t include creation or redemption activity caused by investor flows. The firm’s flagship ARK Innovation ETF is close to erasing gains it held over the S&P 500 Index after rotating toward value from growth amid the economic reopening and rising U.S. Treasury yields.
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