Cathie Wood Continues Booking Profit In Tesla As Stock Shoots Up, Loads Up On These 2 Stocks Instead

Cathie Wood’s Ark Investment Management on Monday sold more shares in Tesla Inc TSLA, starting the new year with more profit booking in the electric vehicle stock as it jumped higher after reporting fourth-quarter delivery volumes that far surpassed expectations. 

The popular asset management firm sold 39,262 shares — estimated to be worth $47 million — in Tesla.

The Elon Musk-led company’s stock soared 13.5% on Monday to close at $1,199.8 a share. The stock rose about 50% in 2021.

See Also: Tesla Can End Up Being The 'iPhone' Of The EV Industry And It's 'Show Me Year' For Ford, Rivian, Lucid: Gene Munster

Wood’s firm has exposure in Tesla via three of its exchange-traded funds — the Ark Innovation ETF ARKK, the Ark Autonomous Technology & Robotics ETF ARKQ and the Ark Next Generation Internet ETF ARKW.

The three ETFs held about 1.75 million shares worth $1.84 billion in Tesla, prior to Monday’s trade. 

Tesla on Sunday smashed fourth-quarter delivery records, posting its biggest quarterly and full-year delivery volume.

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.

See Also: Robinhood, DraftKings — Cathie Wood's Last Trades For 2021

Here are some other key Ark Invest trades from Monday:

• Bought 442,456 shares — estimated to be worth $8.2 million — in Palantir Technologies Inc PLTR. Shares of the Peter Thiel-founded data company closed 1.8% higher at $18.5 a share.
• Sold 359,577 shares — estimated to be worth $15.3 million — in Twitter Inc TWTR. The micro-blogging company’s stock closed 1.3% lower at $42.7 a share.
• Bought 345,771 shares — estimated to be worth $6.4 million — in Robinhood Markets Inc HOOD. Shares of the commission-free trading app that deals in stocks, exchange-traded funds and cryptocurrencies closed 3.8% higher at $18.4 a share.