Cathie Wood's Ark Invest Sells $2.15M Of Tesla Shares Despite Own Bullish Projections

On Monday, Cathie Wood-led Ark Invest continued its selling spree of Tesla Inc TSLA shares, offloading $2.15 million worth of the electric vehicle giant’s stock.

This move comes amidst a series of recent sales by Ark, despite Tesla’s promising growth projections and recent bullish updates.

The Tesla Trade: Ark sold 8,972 shares of Tesla through its ARK Innovation ETF ARKK fund on Monday. The transaction was valued at $2.15 million based on the Elon Musk-led company’s closing price of $239.76.

Ark Invest’s decision to sell Tesla shares follows a series of optimistic updates provided by Tesla during its second-quarter earnings call.

Analysts from Ark highlighted three key growth drivers they believe Wall Street might have overlooked. These include Tesla’s robotaxi initiative, which CEO Elon Musk suggests could generate ‘quasi-infinite’ demand.

Additionally, discussions about licensing its Full Self-Driving Software with a major automaker are ongoing. Lastly, Tesla’s commitment to invest over $1 billion in its Dojo Supercomputer project by 2024 is seen as a strategic move, especially given the current GPU supply constraints from NVIDIA.

See Also: Cathie Wood Continues To Sell Tesla Shares Amid Q2 Deliveries-Induced Strength

Other Key Trades:

• Ginkgo Bioworks Holdings Inc DNA – Purchased 850,233 shares through the Innovation fund and ARK Genomic Revolution ETF ARKG.
• Intellia Therapeutics Inc NTLA – Purchased 1,340 shares through ARKK and ARKG.
• Beam Therapeutics Inc BEAM – Purchased 10,729 shares through ARKG.
• Adaptive Biotechnologies ADPT – Purchased 22,406 shares through ARKG.
• Schrodinger Inc SDGR – Sold 20,319 shares through ARKG.

Read Next: Palantir Post-Q2 Earnings: Share Price Dip Doesn’t Deter Cathie Wood; Ark Invest Buys $14M Worth Of Shares