Cathie Wood-led Ark Investment Management on Thursday scooped up more shares in self-driving trucking company TuSimple Holdings Inc TSP, its third straight buy in the San Diego, California-based startup this month.
The popular stock-picking firm bought 97,523 shares, estimated to be worth $863,078, based on Thursday’s closing price in TuSimple.
The self-driving truck startup’s stock closed 9.5% higher at $8.85 a share on Thursday.
TuSimple went public in April last year and began trading at an IPO price of $40. The stock is down 77.8% so far this year.
Ark Invest owns shares in TuSimple via two of its six exchange-traded funds — the Ark Innovation ETF ARKK and the Ark Autonomous Technology & Robotics ETF ARKQ.
The money managing firm held 12.4 million shares, worth $100.4 million, in TuSimple, before Thursday’s trade.
Tesla Inc TSLA, and Nikola Corp NKLA are 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