Cathie Wood Sells Another $50M In Tesla On Tuesday — Here's What She Bought Instead

Cathie Wood’s Ark Investment Management on Tuesday booked more profit in Tesla Inc TSLA, selling 44,132 shares — estimated to be worth $50.7 million based on the latest closing price — in the electric vehicle maker’s stock.

The Elon Musk-led company’s stock, which had risen about 50% in 2021,  closed 4.2% lower at $1,149.6 a share on Tuesday. 

Tesla shares soared 13.5% on Monday after it reported fourth-quarter delivery volumes that far surpassed expectations. 

Ark Invest owns shares in Tesla via three of its exchange-traded funds — the Ark Innovation ETF ARKK, the Ark Autonomous Technology & Robotics ETFARKQ and the Ark Next Generation Internet ETF ARKW.

The three ETFs held about 1.7 million shares worth $2.05 billion in Tesla, prior to Tuesday’s trade. 

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

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

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 also been loading up in U.S.-listed Chinese electric vehicle maker Xpeng Inc XPEV recently.

Here are some other key Ark Invest trades from Tuesday:

• Sold 1.98 million shares — estimated to be worth $81.2 million — in Twitter Inc TWTR. The micro-blogging company’s stock closed 4.2% lower at $40.9 a share.
• Bought 462,613 shares — estimated to be worth $8 million — in Robinhood Markets Inc HOOD. Shares of the commission-free trading app that deals in stocks, exchange-traded funds and cryptocurrencies closed 5.6% lower at $17.4 a share.
• Bought 304,356 shares — estimated to be worth $47.6 million — in Block Inc SQ. Shares of Block, formerly known as Square, closed 4.7% lower at $156.3 a share.
• Bought 1,185,460 shares — estimated to be worth $31.5 million — in DraftKings Inc DKNG. Shares of the fantasy sports company closed 4.1% lower at $26.6 a share. 
• Sold 250,359 shares — estimated to be worth $12.5 million — in Pinduoduo Inc PDD on the day shares of the Chinese agri-tech company closed 11.2% lower at $49.8 a share.