Cathie Wood-led Ark Invest sold 2,977 shares — estimated to be worth $2.59 million — in Tesla Inc (NASDAQ: TSLA) on Monday as shares of the company continued to soar higher after the electric vehicle’s record third-quarter deliveries.
Tesla shares closed 3.21% higher at $870.11 on Monday.
The stock has risen 12.2% so far this month and is up 19.2% year-to-date.
The popular asset management firm has been booking profit in the stock since early September when shares of the Elon Musk-led company began an upward march.
Including the latest sale, the New York-based money managing firm has sold about $770 million worth of shares in Tesla since the start of September.
Tesla remains Ark Invest's biggest bet across ETFs despite the latest sales.
Ark Invest deployed the Ark Autonomous Technology & Robotics ETF ARKQ to sell the shares in Tesla. The Ark Next Generation Internet ETF ARKW and the Ark Innovation ETF ARKK also own shares in Tesla.
Wood’s firm holds large bets in Tesla, which it predicts would hit the $3,000 mark at the end of 2025.
Each of the three ETFs count Tesla as their largest exposure and held a total of 3.42 million shares — worth $2.88 billion — in the electric vehicle company, ahead of Monday’s trade.
While Tesla’s weight in ARKQ is over 11%, it has slipped just below 10% in both ARKK and ARKW.
See Also: Cathie Wood Continues To Trim Tesla Stake, Selling Another $66M Worth Of Shares
Here are some of the other key trades for Ark on Monday:
- Sold 4,023 shares in Boeing Co BA
- Sold 19,752 shares in PayPal Holdings Inc. PYPL
© 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.
