Cathie Wood Sells $15.3 Million Of Tesla, Buys This Surging Drone Stock

Blockhead12-13

Cathie Wood and her Ark Invest firm on Thursday loaded up on Archer Aviation stock and off-loaded a small portion of their Tesla holdings. Meanwhile, drone maker Archer Aviation received price target ...

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Meanwhile, drone maker Archer Aviation received price target ...</p>\n\n<a href=\"https://www.investors.com/news/cathie-wood-ark-invest-tesla-archer-aviation-tsla-achr-price-hike/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4581","symbol_name":"高盛持仓","start_time":0,"source_url":"https://www.investors.com/news/cathie-wood-ark-invest-tesla-archer-aviation-tsla-achr-price-hike/","article_id":"2491379797","we_media_id":null,"thumbnails":["https://www.investors.com/wp-content/uploads/2021/11/Stock-CathieWoods-company-150x150.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2491379797","pubTimestamp":1734100456,"columns":[],"sourceInfo":{"source_id":"investor_business_daily_highlight","name":"Investor’s Business Daily"},"weMediaInfo":null,"summary":"Cathie Wood loads up on drone maker Archer Aviation amid price hikes, defense partnership. 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Meanwhile, drone maker Archer Aviation received price target hikes Friday on a new defense partnership and capital raise.\n\n\n\n↑\nX\n\n\n\n\nCathie Wood's ARKK Stock Picking Strategy Explained\n\n\nSee All Videos\n\n\n\n\nNOW PLAYING\nCathie Wood's ARKK Stock Picking Strategy Explained\n\n\n\n\nWood and Ark on Thursday sold 36,600 shares of Tesla stock worth $15.3 million, based on Thursday's closing price of 418.10, according to daily trade updates from the firm. The 34,823 shares unloaded from the ARK Innovation ETF (ARKK) only represented 0.21% of the total ETF. The 1,777 shares off-loaded from the ARK Autonomous Technology & Robotics ETF (ARKQ) represented 0.078% of the fund.\nA surging Tesla stock has become a much-bigger share of Ark Invest's portfolio, spurring some sales to reduce overconcentration.\nMeanwhile, Wood and Ark Invest purchased 5.08 million shares of Archer Aviation (ACHR) stock across the ARK Innovation ETF, ARK Autonomous Technology & Robotics ETF and the ARK Space Exploration & Innovation ETF (ARKX).\nDrone maker Archer Aviation is producing electric vertical takeoff and landing (eVTOL) aircraft for urban environments, with the goal of creating a robust air taxi service.\nIn total, the Archer shares were worth about $36.43 million based on Thursday's closing price of $7.17 per share. A bulk of the ACHR stock was purchased for ARKK, at 4.7 million shares.\nArcher Defense Partnership, Funding Raise\nElsewhere Friday, Deutsche Bank and Canaccord raised their price targets on ACHR stock following a new defense development partnership.\nArcher Aviation on Thursday announced it entered an exclusive agreement with Anduril Industries to jointly develop a next generation defense aircraft. Anduril specializes in AI, computer vision, sensors and optics for military capabilities.\nFor the first product, the companies are planning a hybrid-propulsion vertical-take-off-and-landing (VTOL) aircraft for a potential program of record with the Department of Defense.\nA program of record is a formal acquisition program within the DOD that has been funded to fill a specific need.\nArcher in the release noted that the project will be part of its new Archer Defense program, which will be led by Lockheed Martin (LMT) and Sikorsky veteran Joseph Pantalone.\nArcher Aviation also announced it raised $430 million in equity to support the initiative and other general corporate purposes, bringing its total capital raised to nearly $2 billion. Strategic partners and investors Stellantis (STLA) and United Airlines (UAL) participated in the funding round. Wellington Management and Abu Dhabi investment holding company 2PointZero also participated as new institutional investors.\nDeutsche Bank on Friday noted the new program will likely be multibillion dollar in nature, \"significantly boosting Archer's growth potential,\" according to The Fly. The firm noted that the financial risk profile of Archer should be much lower. Military programs could be awarded as early as next year, which could pull forward revenue and profit. Deutsche Bank lifted its price target on ACHR stock by 4 to $15.\nCanaccord also praised the new defense partnership and raised its price target on Archer Aviation to 11 from 8.50. Both firms kept buy ratings on the shares.\nArcher Aviation, Tesla Stock\n\nArcher Aviation shares jumped more than 12% to around 8 early Friday. ACHR stock through Thursday rallied 157% from its 2024 low in September. Archer has advanced about 17% this year.\nArcher Aviation stock cleared a 5.46 buy point on Nov. 21, spiking to 9.84 on Nov. 29 before pulling back.\nTesla ticked edged higher Friday morning. Shares hit a record 429.30 on Thursday before closing down 1.6%, snapping a six-session win streak. TSLA stock on Thursday hit a record high of 429.30 before easing.\nShares of the electric carmaker have rallied 68% in 2024.\nYou can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison\nYOU MAY ALSO LIKE:\nBest Growth Stocks To Buy And Watch: See Updates To IBD Stock Lists\nLooking For The Next Big Stock Market Winners? Start With These 3 Steps\nJoin IBD Live And Learn Top Chart Reading And Trading Techniques From Pros\nLearn How To Time The Market With IBD's ETF Market Strategy","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2491379797"}