Cathie Wood’s Ark Investment Management on Thursday sold 23,942 shares — estimated to be worth $25.6 million — in Tesla Inc TSLA, adding to its months-long profit booking in the Elon Musk-led company’s stock.
Tesla shares closed 1.46% lower at $1,070.3 a share on Thursday; the stock is up about 47% so far this year.
The popular money managing firm sold the TSLA shares via the Ark Innovation ETF ARKK. It has exposure in Tesla via two other ETFs, namely the Ark Autonomous Technology & Robotics ETF ARKQ and the Ark Next Generation Internet ETF ARKW.
See Also: Cathie Wood Sheds Another $30M In Tesla But Continues Buying Spree In This Chinese EV Maker
The three ETFs held 1.77 million shares — estimated to be worth $1.92 billion — in Tesla, prior to Thursday's trade.
A Tesla super-bull, Wood has long favored the Musk-led company and set a $3,000 price target for the electric vehicle stock for 2025.
The St. Petersburg, Florida-based Ark has recently also begun buying shares in the U.S.-listed Chinese electric vehicle maker Xpeng Inc XPEV.
Here are some other key Ark Invest trades from Thursday:
- Bought 194,675 shares — estimated to be worth $32.2 million— in Block Inc SQ. The stock, formerly Square, closed 2.16% higher at $165.3 a share on Thursday.
- Bought 132,682 shares — estimated to be worth $25.3 million — in Zoom Video Communications Inc ZM. The stock closed 4.8% higher at $190.52 a share.
- Bought 543,221 shares — estimated to be worth $15.5 million — in DraftKings Inc DKNG. The stock closed 7% higher at $24.5 a share.
- Bought 793,511 shares — estimated to be worth $14.4 million — in Robinhood Markets Inc HOOD. The stock closed 6.4% higher at $18.2 a share on Thursday.
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