Cathie Wood Sells Another $4.9M In Tesla Stock On Thursday — Buys Shares In Palantir And This Chinese E-Commerce Giant

Cathie Wood’s Ark Investment Management on Thursday booked more profit in Tesla Inc TSLA, selling 4,620 shares — estimated to be worth $4.9 million based on the latest closing price — in the electric vehicle maker.

The Elon Musk-led company’s stock closed 2.15% lower at $1,064.7 a share on Thursday.

Tesla stock posted significant gains on Monday as it reported fourth-quarter delivery volumes that far surpassed expectations; the gains have been since erased. The electric vehicle maker’s shares had advanced about 50% in 2021 and are down 11.3% for the year so far.

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 1.61 million shares worth $1.75 billion in Tesla, prior to Thursday’s trade.

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

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

Wood, who founded Ark Invest, is a Tesla bull and has 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 Thursday:

• Bought 430,339 shares — estimated to be worth $7.2 million — in Palantir Technologies Inc PLTR. The stock closed 1.3% lower at $16.7 a share on Tuesday.
• Sold 46,973 shares — estimated to be worth $3.13 million — in JD.com Inc JD. The stock closed 6% higher at $66.8 a share.