Cathie Wood Sells $41M In Tesla Shares And Loads Up On This Chip Stock Amid Thursday's Plunge

Benzinga2022-09-02

Cathie Wood-led Ark Investment Management bought 297,818 shares of Nvidia Corporation, via three of the firm’s exchange-traded funds, valued at over $41.5 million based on Thursday’s closing price.

Photo courtesy: Ark Invest

Nvidia is the 27th largest holding in the firm’s flagship ARK Innovation ETF (ARKK) with a weight of 0.94%, according to data on the firm’s website.

Interestingly, Wood had sold over 293,000 shares of the chip maker last week, via two of the firm’s exchange-traded funds, valued at over $50 million ahead of the company’s earnings release.

Nvidia reported in a securities filing on Wednesday that the Biden administration has placed restrictions preventing it from selling its A100 and H100 chips to Russia and China.

The chipmaker said it expects to lose $400 million — or 10.6% of its data center business and 6.8% of its third-quarter revenues — from these restrictions.

Price Action: Nvidia shares lost over 24% last month and closed at $139.37 on Thursday. Deutsche Bank has maintained its ‘Hold’ rating on the stock while revising the price target to $165 from $175.

Tesla Sale: Wood dumped over 150,000 shares of Tesla Inc, through three of the company’s funds, valued at over $41.5 million based on Thursday’s closing price.

Tesla is the top holding of the ARK Innovation ETF, with a weight of 9.94% valued at over $793 million. Tesla shares have lost over 7% in a month. Deutsche Bank has maintained its ‘Buy’ rating on the stock with a price target of $375.

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Comments

  • Momori
    2022-09-02
    Momori
    This tells me to stay away from $NVIDIA Corp(NVDA)$View on NVIDIA Corp(NVDA)BullishBearish
  • JC888
    2022-09-02
    JC888
    Let's face it ARK still have some funds to conti8to make "errand" purchases and wait patiently for prices to recover. Do you? Especially semi con stocks are receiving such bad press daily.Do we need to get further stick immediately after a purchase during such bearish times? Or are we go a wise up, read the charts n plan our execution based on our own convicted plan, instead of followg news articles such as this blindly?Food for thots? 
    • WayneEvans
      I will expect a short term rebound anyway.
    • ChrisColeman
      I would definately get rid of ARKK in long term! Hate the small tech companies.
    • jayc
      ok
    • Huat77168
      [Smile]
    • SR050321
      Suggest to add the link to the ticker so can click n see [Smile]
  • Mccoy
    2022-09-02
    Mccoy
    Try harder please. Up your ARK equities to their former glory
  • LEESIMON
    2022-09-02
    LEESIMON
    Great‌[爱心] 
  • Thalos
    2022-09-02
    Thalos
    Nvidia close to bottom? Perhaps
  • soosoo
    2022-09-02
    soosoo
    Hmm
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