Cathie Wood-led Ark Invest has reduced its exposure in Tesla Inc TSLA, by an estimated $300 million so far in September as the popular investment management firm further sold shares in the electric vehicle maker on Thursday.
The New York-based Ark Invest sold 41,457 shares — estimated to be worth about $31.4 million — in Tesla stock, which closed 0.15% higher at $756.99 per share on Thursday.
Shares of the company have risen 2.9% so far this month and about 3.7% since the beginning of the year.
Wood, who is a dedicated Tesla bull, sold shares in the Palo Alto, California-based company via the Ark Innovation ETF ARKK on Thursday. Two other ETFs — the Ark Next Generation Internet ETF ARKW and the Ark Autonomous Technology & Robotics ETF ARKQ — own shares in Tesla.
The three ETFs held a total of about 4.14 million shares — worth $3.12 billion — in the electric vehicle company, ahead of Thursday’s trades.
With the latest sales, Ark Invest has trimmed a total of 395,638 shares — estimated to be worth about $299.1 million — in Tesla so far this month.
The popular investment management firm has a large exposure in Tesla, a stock it predicts will hit the $3,000 mark at the end of 2025.
Ark Invest hasn't yet provided any context around the recent selling in Tesla. Wood’s firm bought most of Tesla shares at far lower levels and the money manager has said the firm isn't hesitant in booking profits on portfolio companies when they run up too high and then buy back at lower prices once they retreat.
Here are some of the other key trades for Ark on Thursday:
- Snapped up 51,787 shares in Walt Disney Co DIS.
- Bought 384,458 shares in UiPath Inc PATH.
- Sold 1,846 Class C shares in Alphabet Inc GOOG GOOGL.
- Bought 350,611 shares in Robinhood Markets Inc HOOD.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
