27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
Cathie Wood-led Ark Investment Management bought 49,755 shares, worth about $34.55 million, in Tesla Inc (NASDAQ:TSLA) on Wednesday as the stock dipped in the aftermath of the electric vehicle maker reporting earnings for the first quarter.
Tesla shares closed 1.47% lower at $694.40 on Wednesday and are down 5.9% since Monday's close of $738.20.
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Wood made the latest purchase for Ark Innovation ETF (NYSE:ARKK). Tesla holds the highest position in ARKK among a total of 58 stocks and contributed about 9.67% of the weight of the ETF valued at about $2.38 billion, ahead of Tuesday's trade.
Wood has been bullish on Tesla but in the last month sold some shares of the company as it looked to rebalance its portfolio and loaded up shares in cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN).
Ark Funds had last month updated its price target for Tesla to $3,000 per share by 2025.
Tesla beat street expectations for the first quarter but analysts were left unimpressed, as they decried the EV maker's reliance on regulatory credit sales and, now, Bitcoin (BTC).
Tesla reported a positive impact of $101 million in Q1 on its sale of $272 million Bitcoin.
Other Ark Buys On Wednesday:
- CM Life Sciences II Inc (NASDAQ:CMIIU)
- Zymergen Inc (NASDAQ:ZY)
- Recursion Pharmaceuticals (NASDAQ:RXRX)
- 908 Devices (NASDAQ:MASS)
- Ionis Pharmaceuticals Inc (NASDAQ:IONS)
- Spotify Inc (NYSE:SPOT)
- Shopify Inc (NYSE:SHOP)
- Iridium Communications (NASDAQ:IRDM)
- Jaws Spitfire Acquisition (NYSE:SPFR)
- Galileo Acquisitions Corp (NYSE:GLEO)
- JD.com Inc (NASDAQ:JD)
- Pinduoduo Inc (NASDAQ:PDD)
- Pinterest Inc (NYSE:PINS)
Other Ark Sells On Wednesday:
- Phreesia (NYSE:PHR)
- Pure Storage Inc (NYSE:PSTG)
- Pluristem Therapeutics (NASDAQ:PSTI)
- Syros Pharmaceuticals (NASDAQ:SYRS)
- Novartis Ag (NYSE:NVS)
- PACCAR (NASDAQ:PCAR)
- Synopsys (NASDAQ:SNPS)
- Square Inc (NASDAQ:SQ)
- Silvergate Capital (NYSE:SI)
- Sea Ltd (NYSE:SE)
- Agora Inc (NASDAQ:API)
- Intercontinental Exchange (NYSE:ICE)
See Also: Cathie Wood Sells Another $35.7M Worth Of Square Stock And Loads Up $25.8M In Coinbase
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.