Cathie Wood Continues Profit-Booking In Tesla, Selling Another $28M On Friday

Cathie Wood’s Ark Investment Management on Friday sold more shares in Tesla Inc TSLA, continuing the months-long profit booking spree in the electric vehicle company.

The popular money managing firm sold 26,599 shares — estimated to be worth $27.9 million — in the Austin, Texas-headquartered Tesla.

Tesla shares closed 1.75% higher at $1,049.6 per share on Friday. The stock is up about 24.3% in the past year. 

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 1.48 million shares worth $1.53 billion in Tesla, prior to Friday’s trade.

Tesla ended 2021 on a high as it posted its biggest quarterly and full-year delivery volume.

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

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.

Ark also sold 48,925 shares — estimated to be worth $1.85 million — in Snap Inc SNAP on Friday. Shares of the company last closed 0.89% lower at $38.04 a share.