Cathie Wood Sells Another $41.5M In Tesla As Shares Rally, Buys This Stock Instead
Cathie Wood-led Ark Invest on Thursday further lowered its exposure in Tesla Inc (NASDAQ:TSLA), booking profit as shares of the electric vehicle maker rose after upbeat third-quarter earnings.
The investment management firm sold 46,414 shares — estimated to be worth $41.49 million — in Tesla.
Shares of the Elon Musk-led company closed 3.26% higher at $894 on Thursday. The stock has risen 22.5% so far this year and is up 15.3% year-to-date.
Ark has been booking profit in the stock since early September when shares of the Elon Musk-led company began an upward march.
Including the latest sale, the New York-based money managing firm has sold about $811 million worth of shares in Tesla since the start of September.
Tesla remains Ark Invest's biggest bet across ETFs despite the latest sales — a stock it predicts would hit the $3,000 mark by the end of 2025.
Ark Invest sold Tesla shares via the Ark Autonomous Technology & Robotics ETF (BATS:ARKQ), the Ark Next Generation Internet ETF (NYSE:ARKW) and the Ark Innovation ETF (NYSE:ARKK) on Thursday. No other Wood-led ETF owns shares in the Elon Musk-led company.
Each of the three ETFs count Tesla as their largest exposure and held a total of 3.43 million shares — worth $2.96 billion — in the electric vehicle company, ahead of Thursday’s trade.
While Tesla’s weight in ARKQ is over 11%, it has slipped just below 10% in both ARKK and ARKW.
Ark bought 2.11 million shares — estimated to be worth $21 million — in Skillz Inc (NYSE:SKLZ) on Thursday. Shares of the company closed 8.16% higher at $9.94 on Thursday.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
