Cathie Wood’sArk Investment Management on Thursday sold 23,942 shares — estimated to be worth $25.6 million — in Tesla Inc(NASDAQ:TSLA), adding to its months-long profit booking in the Elon Musk-led company’s stock.
Tesla shares closed 1.46% lower at $1,070.3 a share on Thursday; the stock is up about 47% so far this year.
The popular money managing firm sold the TSLA shares via the Ark Innovation ETF(NYSE:ARKK). It has exposure in Tesla via two other ETFs, namely the Ark Autonomous Technology & Robotics ETF(BATS:ARKQ) and the Ark Next Generation Internet ETF(NYSE:ARKW).
The three ETFs held 1.77 million shares — estimated to be worth $1.92 billion — in Tesla, prior to Thursday's trade.
A Tesla super-bull, Wood has long favored the Musk-led company and set a $3,000 price target for the electric vehicle stock for 2025.
The St. Petersburg, Florida-based Ark has recently also begun buying shares in the U.S.-listed Chinese electric vehicle maker Xpeng Inc(NYSE:XPEV).
Here are some other key Ark Invest trades from Thursday:
- Bought 194,675 shares — estimated to be worth $32.2 million— in Block Inc(NYSE:SQ). The stock, formerly Square, closed 2.16% higher at $165.3 a share on Thursday.
- Bought 132,682 shares — estimated to be worth $25.3 million — in Zoom Video Communications Inc(NASDAQ:ZM). The stock closed 4.8% higher at $190.52 a share.
- Bought 543,221 shares — estimated to be worth $15.5 million — in DraftKings Inc(NASDAQ:DKNG). The stock closed 7% higher at $24.5 a share.
- Bought 793,511 shares — estimated to be worth $14.4 million — in RobinhoodMarkets Inc(NASDAQ:HOOD). The stock closed 6.4% higher at $18.2 a share on Thursday.
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