On Tuesday, August 15, 2023, Cathie Wood-led Ark Invest made a significant move by trimming its Tesla Inc TSLA holdings by nearly $440,000. This decision comes despite recent bullish projections and growth drivers identified for the Elon Musk-led company.
The Tesla Trade: Ark Invest’s decision to offload $2.15 million worth of Tesla shares, amounting to 8,972 shares through its ARK Innovation ETF ARKK could be deemed intriguing. The transaction was valued at $438,896 at the closing price of $232.96.
This move is especially noteworthy given Tesla’s recent optimistic updates during its second-quarter earnings call. Among the key growth drivers Ark analysts highlighted were Tesla’s robotaxi initiative, which could generate ‘quasi-infinite’ demand, ongoing discussions about licensing its Full Self-Driving Software, and a commitment to invest over $1 billion in its Dojo Supercomputer project by 2024, a strategic move considering the current GPU supply constraints from NVIDIA.
The Cathie Wood-led firm also purchased $4.1 million worth of shares of Archer Aviation Inc ACHR through the Innovation ETF. The transaction was a result of purchasing nearly 650,000 shares at the closing price of $6.35. Archer Aviation has been in the spotlight recently. The company announced a $215 million equity investment from industry leaders like Boeing Co, Stellantis NV, and United Airlines.
Furthermore, Archer’s Midnight eVTOL aircraft received its Special Airworthiness Certificate from the FAA, with flight test operations set to commence soon. The company’s CEO, Adam Goldstein, expressed optimism about the U.S. government’s commitment to eVTOL aircraft and the collaboration with industry leaders.
Other Key Trades:
- Ginkgo Bioworks Holdings Inc DNA – Purchased a total of 269,495 shares across ARKK and ARK Genomic Revolution ETF ARKG.
- Intellia Therapeutics Inc NTLA – Purchased a total of 14,580 shares across ARKK and ARKG.
- Beam Therapeutics Inc BEAM – Purchased 20,876 shares through ARKG.
- Adaptive Biotechnologies ADPT – Purchased 13,734 shares through ARKG.
Read Next: Fisker Joins The Club, Adopts Tesla’s Supercharger Network
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