Cathie Wood's Ark Sells Tesla Stock For 3rd Straight Session As Week's Disposals Total Whopping $30M

Benzinga2023-10-08

ZINGER KEY POINTS

Three of Ark funds sold $4.33 worth of Tesla shares this week as it continued with its Tesla selling spree.
Tesla is the top holding of Ark's flagship ETF, the Ark Innovation Fund.

Cathie Wood-founded Ark Invest sold Tesla, Inc. shares yet again on Friday, even as thestock struggles to break out a recent trading range.

What Happened: Three of Ark’s actively managed exchange-traded funds sold Tesla stock on Friday, with the cumulative disposals valued at $4.33 million. Here are the trade details:

Ark Innovation ETF (ARKK), the firm’s flagship ETF, sold 14,776 Tesla shares valued at $3.85 billion.
ARK Autonomous Technology & Robotics ETF (ARKQ) sold 820 shares valued at $213,634.60.
ARK Next Generation Internet ETF (ARKW) sold 1,021 shares valued at $266,001.13.

Ark sold Tesla in three of the four sessions of the week, as it divested $25.49 million worth of shares on Wednesday and $27,825.35 shares on Thursday.

The firm sold a total of $30.1 million worth of Tesla shares this week.

Why It’s Important: Tesla was in the spotlight this week as the electric vehicle maker reported below-consensus third-quarter deliveries and followed up with another round of price cuts in the U.S. The stock closed the week up 4.1% amid these developments.

ARKK, Ark’s flagship ETF, ended up 1.74% at $39.21, according to Benzinga Pro data.

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Comments

CSR9
2023-10-08
CSR9
You would think buying is more logical if price is cheap relative to their target.
Wmduvenage
2023-10-08
Wmduvenage
Cathy Wood doesn't know what she's doing does she?
Sunshinekim
2023-10-08
Sunshinekim
Not surprising as it is profit-taking when the price is good. No need for investors to be alarmed. I am holding on.