Cathie Wood’s Ark Invest bought bearish Tesla stock on Thursday after her favorite electric car player sold off due to a quarterly revenue slump. According to Ark’s daily trading data, the innovation-focused investor added 66,190 shares of Elon Musk’s company to her flagship Ark Innovation ETF (ARKK). The purchase cost over $13.7 million based on Tesla’s closing price of $207.28 on Thursday. Shares of Tesla fell about 6.7% on Thursday as the company’s revenue fell short of expectations. The company said on its earnings call that, while it expects 50% annual production growth this year, its deliveries are likely to fall just below the 50% growth “due to the number of vehicles transported increases at the end of the year.” Tesla is the second largest holder of ARKK, accounting for 9% of the ETF. Video Zoom recently took first place in the ETF after Wood acquired the defeated name. Wood’s update call on Tesla predicts the stock will hit $4,600 by 2026. Target will be revised down to $1,533 after Tesla conducts a buy 3 get 1 free stock split in late August. Tesla is down 41% this year as the company tackles traffic congestion that creates gaps between production and delivery. Tesla also struggled with slowing demand as the global economy struggled following tightening actions by central banks. Wood’s faith in Tesla is centered around the shift to electric vehicles. She previously said that there will be nearly 8 million electric vehicles sold around the world this year and this number will increase to 60 million units in the next five years. The innovation investor had a rough 2022 as her disruptive tech darlings were among the biggest losers this year due to rising interest rates. ARKK is down 62% year-over-year, after hitting a new 2022 low last week.