Long-time Tesla (NASDAQ:TSLA) bull Cathie Wood recently increased her fund’s position in the stock. According to a recent update, 17,369 shares were added to the ARK Next Generation Internet ETF (ARKW), while 51,960 shares were added to the ARK Innovation ETF (ARKK).
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This marks Cathie Wood’s first purchase since January when prices were closer to the $120 range. Tesla shares have seen a strong rally so far on a year-to-date basis, with prices increasing over 67% during this timeframe.
Wall Street appears to share Wood’s optimism as Tesla stock is rated a Moderate Buy according to analyst consensus. With an average price target of $211.93, it comes with over 16% upside potential.