Cathie Wood Sells Another $156M In Tesla On Tuesday And Buys The Dip In Zoom And This Stock

Cathie Wood-led investment management firm Ark Invest continued to trim its stake in Tesla Inc TSLA stock on Tuesday.

Ark Invest sold 141,069 shares — estimated to be worth $156.44 million — in the Elon Musk-led company’s stock.

Tesla shares jumped more than 2% in early trading on Tuesday only to lose all the gains later in the session. The stock closed 4.14% lower at $1,109.03 a share. Tesla shares have risen 52% so far this year; most of this appreciation has happened since September.

Ark Invest has been booking profit in Tesla since September, a stock that the money managing firm bought at much lower levels. Tesla continues to be the firm's biggest bet across ETFs — a stock it predicts would hit the $3,000 mark by the end of 2025.

Including the latest sale, Ark has sold about $2.38 billion worth of shares in Tesla since the start of September.

See Also: Cathie Wood Continues Profit-Booking In Tesla, Selling Another $210M Shares On Monday — Here Are The Other Key Trades

Ark Invest sold Tesla shares via the Ark Innovation ETF ARKK and the Ark Next Generation Internet ETF ARKW. The Ark Autonomous Technology & Robotics ETF ARKW too owns shares in Tesla.

Ahead of Tuesday’s trade, the three ETFs together held a total of 2.56 million shares — estimated to be worth $2.84 billion — in the electric vehicle company.

Here are a few other key trades for Ark on Tuesday:

• Bought 645,110 shares — estimated to be worth $133.3 million — in Zoom Video Communications Inc ZM on the dip. The stock plummeted 14.7% to close at $206.64 a share on Tuesday. 
• Sold 43,188 shares — estimated to be worth $14.56 million — in Facebook Inc FB. The stock closed 1.10% lower at $337.25 a share on Tuesday.
• Bought 499,744 shares — estimated to be worth $13.81 million — in Robinhood Markets Inc HOOD. The stock closed 0.68% lower at $27.65 a share. The company on Monday said it tested the transfer of meme cryptocurrency Dogecoin DOGE/USD to an external wallet for the first time.

Photo: Courtesy of Tesla