Cathie Wood Sells Another $21M In Tesla On Wednesday — Here's What She Bought Instead

Cathie Wood’s Ark Investment Management on Wednesday booked more profit in Tesla Inc TSLA, selling 19,212 shares — estimated to be worth $20.9 million based on the latest closing price — in the electric vehicle maker.

The Elon Musk-led company’s stock, which had risen about 50% in 2021, closed 5.3% lower at $1,088.1 a share on Wednesday. 

Tesla stock has erased all the gains it accumulated 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 ETF ARKQ and the Ark Next Generation Internet ETF ARKW.

The three ETFs held about 1.64 million shares worth $1.89 billion in Tesla, prior to Wednesday’s trade. 

See Also: Why Tesla Shares Are Falling

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

Here are some other key Ark Invest trades from Wednesday:

• Bought 166,101 shares — estimated to be worth $32.7 million — in Roku Inc ROKU on the dip. The stock closed about 12% lower at $196.7 a share.
• Sold 28,300 shares — estimated to be worth $1.8 million — in JD.com Inc JD. The stock closed 1.8% lower at $63 a share on Wednesday.