Popular money managing firm Ark Invest, led by Cathie Wood, on Monday further raised its exposure in U.S. listed Chinese electric vehicle maker Xpeng Inc XPEV, just days after making a debut in the stock, and also sold more shares in Tesla Inc TSLA.
Ark Invest bought 254,601 shares — estimated to be worth $11.78 million — in the Guangzhou, China-based Xpeng.
Xpeng’s stock closed 5.69% higher at $46.28 a share on Wednesday but has fallen about 10% in the past five days.
Xpeng bolted ahead of local rivals Nio Inc NIO and Li Auto Inc LI in terms of monthly volume when it reported November deliveries last week.
Each of the three players said they delivered more than 10,000 electric vehicles -- with Xpeng leading the pack at 15,613 units, Li Auto grabbing the second spot at 13,485 units and Nio dispatching 10,878 units to dealers during the month.
Xpeng’s president and chairman Brian Gu last month said the company aims to sell half of its electric vehicles outside of China.
The maker of electric sedans and SUVs already sells electric vehicles in Norway and plans to ramp up investment overseas next year including foraying into Sweden, Denmark and the Netherlands in 2022.
Ark Invest once again bought shares in Xpeng via the Ark Autonomous Technology & Robotics ETF ARKQ on Monday.
Tesla is the only other purely electric vehicle making company in which Ark Invest has bought large amounts. The firm counts Tesla as its largest holding and owns shares worth billions in the company via its exchange traded funds.
The investment firm has been booking profit in the stock since early September when shares of the company began an upward march.
On Monday, Ark Invest sold another 33,929 shares in Tesla — estimated to be worth $34.22 million.
Ark Invest held 2.09 million shares — worth about $2.11 billion — in Tesla ahead of Monday’s trade. Tesla shares pared earlier losses on Monday to close 0.59% lower at $1,009.01 a share. The stock is still up 38.3% year-to-date.
See Also: Cathie Wood Sells Another $87.5M In Tesla And Initiates Position In This Chinese EV Stock
Here are a few other Key Ark Invest Trades on Monday:
- Sold 284,650 shares — estimated to be worth $21.4 million — in JD.com Inc JD. Stock closed 3.54% lower at $75.19 a share.
- Bought 230,883 shares — estimated to be worth $10.26 million — in Twitter Inc TWTR. Stock closed 5.73% higher at $44.47 a share.
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