Zinger Key Points
- Cathie Wood's Ark sold $8M worth of Tesla shares Wednesday as it continues to take profit on gains.
- Tesla has been running up since it bottomed at around $152 in late April.
- The stock rally has polarized the analyst community as bears cringe over valuation, while bulls highlight the opportunities.
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Cathie Wood's Ark Invest continued its Tesla, Inc. TSLA selling spree as the stock continued its upward trajectory.
What Happened: Ark Invest, through its Ark Next Generation Internet ETF ARKW sold 28,267 shares of Tesla on Wednesday, daily trade disclosure from the firm showed. The sale would have fetched Ark $7.99 million based on the stock's closing price of $282.48 in the session.
Ark has been a seller of the stock through its strength in recent sessions. As recently as Monday, the firm sold $8.20 million worth of Tesla.
The Wood-run actively-managed ETFs have been a net buyer of Tesla this year, with the buy-sell tally at 1.193 billion to 933,946 shares.
Tesla is still a top holding of Ark’s key ETFs.
See Also: Everything You Need To Know About Tesla Stock
Why It's Important: Tesla recently reported stellar second-quarter deliveries and analysts are confident of deliveries picking up further in the second half of the year. The sell-side is also optimistic about the company's Cybertruck, which is due for launch later this year.
After bottoming at $152.37 in late April, the stock appears well on track to cross the psychological resistance of the $300 mark level in the coming days.
Tesla closed Wednesday’s session up 0.95% at $282.48, according to Benzinga Pro data.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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