Cathie Wood's Ark Sells Another $30M In Tesla, Further Trims Coinbase Stake And Buys More Of This SVOD Stock

Cathie Wood-led investment management firm Ark Invest on Friday sold 26,932 shares — estimated to be worth $30.62 million — in Tesla Inc TSLA, booking more profit in the electric vehicle stock as it continues to rise after recently joining the $1 trillion market capitalization club.

Tesla shares, which have risen about 55.8% so far this year, closed 3.71% higher at $1,137.06 a share on Friday.

The St. Petersburg, Florida-based Ark Invest has been booking profit in the stock since early September when shares of the Elon Musk-led company started rising after months of sluggish performance.

See Also: Tesla Analyst Says It Could Take Half Of $5-Trillion EV Market, Raises Price Target

Including the latest sale, the popular money managing firm has sold about $2 billion worth of shares in Tesla since the start of September.

Tesla continues to be Ark Invest's biggest bet across ETFs — a stock it predicts would hit the $3,000 mark by the end of 2025.

Ark Invest sold Tesla shares via the Ark Innovation ETF ARKK and the Ark Next Generation Internet ETF ARKW on Friday. The Ark Autonomous Technology & Robotics ETF ARKQ too owns shares in Tesla.

Ahead of Friday’s trade, the three ETFs together held a total of 2.78 million shares — estimated to be worth $3.16 billion — in the electric vehicle company.

Here are a few other key trades for Ark on Friday:

• Sold 59,816 shares — estimated to be worth $19.89 million — in Coinbase Global Holdings COIN, whose stock closed 2.78% lower at $332.55 a share on Friday.
• Bought 205,025 shares —estimated to be worth $47.99 million — in Roku Inc ROKU, whose stock closed 0.74% lower at $234.10 a share. 

Photo: Courtesy of Tesla