(Reuters) – Tesla stock expert and star stock picker Cathie Wood, Inc bull at ARK Invest, took advantage of a dip in Tesla’s share prices following the results. They piled into the stock months after reducing their holdings.

According to the closing prices of Tesla shares, Thursday’s purchase by the investment company was nearly $28 million. The stock is part of its flagship ARK Innovation ETF, and the ARK Next Generation Internet ETF funds.

Tesla shares plunged 11% at $829.10 after they delayed the release of new cars until next year due to supply chain disruptions. This was their lowest closing in three months.

According to Cathie’s Ark’s newsletter service, Cathie’s Ark which tracks asset managers, daily trade notifications show that the fund cut its stake in the company’s holdings as early as August 2021.

Refinitiv data shows that Tesla still holds the top position in ARK Innovation, but it has lost 8% of its weight within the ETF from 11.2% at end October.

Wood indicated in September that her five-year target price for Tesla stock is $3,000 Tesla lost 1.5% in premarket trading Friday to $817, nearly three times its original value.

Morningstar’s $11.48 billion ARK Innovation ETF was America’s top performing equity fund in 2020. However, it was also among the poorest performers in 2021 due to rising interest rates affecting the portfolio of high-growth and high-value companies.

Other notable holdings include streaming company and ARK Innovation. Roku (NASDAQ:) Inc Teladoc (NYSE 🙂 Health Inc Zoom Video Communications (NASDAQ:) Inc. have fallen between 75% – 63% over the past twelve months.