Cathie Wood Sells Another $3M Shares In Tesla On Wednesday — Here's What She Bought Instead

Cathie Wood’s Ark Investment Management on Friday booked more profit in Tesla Inc TSLA, selling 2,656 shares — estimated to be worth $2.9 million based on the latest closing price — in the electric vehicle maker.

The Elon Musk-led company’s stock closed 3.9% higher at $1,106.2 per share on Wednesday.

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 $1.72 billion in Tesla, prior to Wednesday’s trade.

Tesla ended 2021 on a high as it posted its biggest quarterly and full-year delivery volume. The Austin, Texas-based electric vehicle maker’s Giga Shanghai accounted for more than half of the electric vehicle maker’s global deliveries in 2021.

See Also: Tesla Saw 52% Of 2021 Global Deliveries From Giga Shanghai Alone

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 investment firm has been selling shares in Tesla since September after shares moved higher to breach the $1 trillion market cap.

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.

See Also: Cathie Wood Makes First Buy In An EV Maker In 2022 — And It's Not Tesla

Here are a few other key Ark Invest trades from Wednesday:

• Bought 70,259 shares — estimated to be about $12 million — in  Zoom Video Communications Inc ZM on the dip. The Zoom stock closed 3% lower at $170.6 a share on Wednesday.
• Bought 628,636 shares — estimated to be worth $10.5 million — in Palantir Technologies Inc PLTR. Shares of the company closed 1% lower at $16.7 a share.