Cathie Wood's Ark Sold $21M Worth Of Tesla Shares Last Week As EV Maker Prepares To Report Q3 Results

Cathie Wood‘s Ark Invest continued to offload Tesla, Inc. TSLA shares last week even as the stock continues to remain range-bound amid fundamental and macro concerns.

What Happened: Ark, through its flagship Ark Innovation ETF ARKK, sold Tesla shares in three sessions last week, with the stock declining over 3%. Here’s the details of the transactions:

Tuesday: 31,418 shares valued at $8.28 million
Wednesday: 37,268 shares valued at $9.08 million
Friday: 13,188 shares valued at $3.31 million

The cumulative value of Tesla stock that Ark sold in the week was $20.67 million. Ark has been on a Tesla selling streak since mid-June.

The Wood-run firm holds Tesla in its multiple actively-traded exchange-traded funds. Despite the past week’s disposal, Tesla continues to be ARK’s top holding and has a 10.46% weighting in the fund’s portfolio.

Why It’s Important: Ark is bullish on Tesla and has a 2027 price target of $2,000 for the stock, with much of the optimism premised on the company’s yet-to-be launched robotaxi service. Wood previously shrugged off the Tesla selling as a routine trimming of the position that allows the firm to plow the profit into other disruptive innovators.

Tesla is scheduled to report its third-quarter results on Wednesday after the market closes. Analysts, on average, expect the company to report earnings of $0.74 per share, down from $1.04 per share a year ago. They believe revenue, however, may have increased by about 10% year-over-year to $24.16 billion.

Analysts are worried about a margin erosion, as Tesla persisted with downward price adjustments through discounts and outright price cuts during the quarter.

Tesla ended Friday’s session down 2.99% at $251.12, according to Benzinga Pro data.

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ARKKARK Innovation ETF

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