Cathie Wood's Ark Invest Dumps Another $3.25M Worth Of Tesla Shares Amid Searing Q2 Deliveries Rally

On Wednesday, Cathie Wood-led Ark Invest made a notable move by offloading a significant number of shares in Tesla Inc TSLA, despite the recent rally driven by the company’s impressive second-quarter delivery numbers.

The Tesla Trade

Ark Invest reduced its stake in Tesla across its ARK Innovation ETF ARKK, selling 13,213 shares. This transaction came as a surprise, given that Tesla’s shares had recently soared 10.20% on Tuesday, marking the best intraday session since late April. Notably, on Tuesday, Ark Invest sold Tesla shares worth $14.5 million.

The boost was primarily driven by the Elon Musk-led company’s second-quarter performance. Tesla reported 443,956 deliveries, significantly exceeding the expected 439,000 vehicles. This upside surprise fueled a rally, propelling shares toward their 2024 high. The majority of sales came from the affordable Models 3 and Y, with only 21,551 units from the pricier Models X, S, and the new Cybertruck.

Based on the last closing price of $246.39, the value of the sold shares on Wednesday stands at approximately $3.25 million. For the day, Tesla stock shot up 6.5%.

Other Key Trades:

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• Ark Invest’s ARKF fund sold shares of Teladoc Health Inc TDOC.
• The ARKG fund bought 2,551 shares of Intellia Therapeutics Inc NTLA and sold shares of Verve Therapeutics Inc VERV.
• The ARKK fund bought shares of Archer Aviation Inc ACHR and sold shares of Ginkgo Bioworks Holdings Inc DNA.
• The ARKQ fund sold shares of AeroVironment Inc AVAV. The ARKX fund bought shares of Blade Air Mobility Inc BLDE.

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal