On Tuesday, Cathie Wood-led Ark Invest executed significant trades involving Tesla Inc. TSLA. The trades included the sale of Tesla shares across multiple ETFs, reflecting strategic adjustments in Ark’s portfolio.
The Tesla Trade
Ark Invest’s decision to sell Tesla shares on Tuesday was a continuation of its recent trading strategy. The ARK Innovation ETF ARKK offloaded 33,837 shares, while the ARK Autonomous Technology & Robotics ETF ARKQ sold 19,474 shares. With Tesla’s closing price at $338.23, these sales amounted to approximately $18.03 million.
This move follows a series of trades where Ark has been recalibrating its holdings, including significant transactions involving Tesla earlier in the week. Recent adjustments came amid potential impacts from California’s consumer rebates proposal affecting Tesla’s eligibility.
Despite the sale, Cathie Wood has previously expressed a bullish outlook on Tesla’s future, particularly in the autonomous vehicle sector. She envisions a “trillion-dollar-plus revenue opportunity” for Tesla, driven by advancements in autonomous driving technology. Wood’s confidence in Tesla’s long-term prospects remains strong, even as Ark Invest strategically reallocates its portfolio. Wood’s predictions highlight the potential for Tesla to dominate the market with its innovative technologies.
Other Key Trades:
- Advanced Micro Devices Inc. : Ark Invest purchased 17,521 shares through the ARK Autonomous Technology & Robotics ETF. The transaction was valued at $2.4 million based on AMD stock closing 2.4% lower at $137.22 on Tuesday.
- Illumina Inc. : 50,424 shares were acquired by the ARK Innovation ETF .
- Pacific Biosciences of California Inc. : Ark Invest bought 48,276 shares via the ARK Innovation ETF and 28,368 shares through ARK Genomic Revolution ETF.
- Twist Bioscience Corp : The ARK Innovation ETF added 18,146 shares to its holdings. 3,275 shares were added through ARK Genomic Revolution ETF.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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