Elon Musk's $690 Stock Price Optimism Aside, Cathie Wood's Ark Dumps $9 Million Worth Of Tesla Shares

Cathie Wood-led Ark Invest made notable trades on Wednesday, involving Tesla Inc. TSLA and Coinbase Global Inc. COIN.

The Tesla Trade 

The trade saw Ark Invest selling 20,582 shares of Tesla Inc. through its ARK Innovation ETF ARKK. The sale was valued at approximately $9.06 million based on Tesla’s closing price of $440.13. Despite a recent price target increase to $515 by analysts, Tesla’s stock faced a decline of 7.02% on Wednesday. Analysts continue to view Tesla as a leading player in the electric vehicle sector, emphasizing its long-term potential despite short-term volatility.

Elon Musk, Tesla’s CEO, recently expressed optimism about the stock reaching $690 in the future, although no specific timeline was provided. This sentiment comes amidst a broader reassessment of the electric vehicle market, with Tesla maintaining its status as a top pick among industry analysts.

The Coinbase Trade 

Ark Invest sold 13,780 shares of Coinbase Global Inc. through the Ark Fintech Innovation ETF ARKF. This transaction was valued at approximately $3.85 million based on Coinbase’s closing price of $279.86. Coinbase has faced challenges recently, including a revenue miss in its third-quarter earnings report, which has pressured its stock performance.

This is the second day in running when Ark sold Coinbase stock, on Tuesday the Wood-led firm had unloaded $1.8 million worth of the stock. The sales come amid a frothy and volatile Bitcoin BTC/USD market.

Other Key Trades:

• Ark Invest bought shares of Futu Holdings Ltd through the ARKF ETF.
• Sold shares of Shopify Inc. via the ARKF ETF. It also sold shares of Ionis Pharmaceuticals Inc. using the ARKG ETF.
• Purchased shares of Tempus AI Inc. through the ARKK ETF.

Image via Ark Invest

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal