Cathie Wood-led Ark Investment Management on Tuesday further raised its exposure to self-driving truck startup TuSimple Holdings Inc (NASDAQ:TSP) on the dip, for the fifth time this week.
The popular stock-picking firm bought 131,565 TuSimple shares, estimated to be worth $1 million, as they closed 7.2% lower at $7.9 a piece on Tuesday.
TuSimple went public in April last year and began trading at an IPO price of $40. The stock is down 76.4% so far this year.
Ark Invest owns shares in TuSimple via two of its six exchange-traded funds — the Ark Innovation ETF (NYSE:ARKK) and the Ark Autonomous Technology & Robotics ETF (BATS:ARKQ).
See Also: Cathie Wood Adds $863K Of This Self-Driving Trucking Firm In 3rd Buy This Month
The money managing firm held 12.63 million shares, worth $108.5 million, in TuSimple, before Tuesday’s trade.
The latest buy lifts Ark Invest’s position in TuSimple by 8.3%.
TuSimple, Matterport Inc (NASDAQ:MTTR) and Burning Rock Biotech Ltd (NASDAQ:BNR), were the money managing company's only three trades on Tuesday.
Tesla Inc (NASDAQ:TSLA), Nikola Corp (NASDAQ:NKLA) are among companies with self-driving truck ambitions that will compete with a host of other upcoming startups in the category, including Swedish transport firm Einride.
Photo courtesy: TuSimple
