Cathie Wood-led Ark Investment Management booked more profit in Tesla Inc on Thursday after the electric vehicle maker's stock surged on a record quarterly profit and strong production outlook.
The popular money managing firm sold 93,160 shares, estimated to be worth $93.97 million, in the Elon Musk-led company.
Tesla shares closed 3.2% higher at $1,008.78 on Thursday. Shares of the company are down about 16% year-to-date.
St. Petersburg, Florida-based Ark Invest owns shares in Tesla through three of its six actively traded exchange funds: Ark Innovation ETF (NYSE: ARKK), Ark Autonomous Technology & Robotics ETF (BATS: ARKQ), and Ark Next Generation Internet ETF (NYSE: ARKW).
The three ETFs held about 1.39 million shares worth $1.36 billion in Tesla before Thursday’s trade.
Ark Invest in the first quarter booked profits in Tesla stock every time it rose.
“We have been selling (Tesla) recently because of how well it has done relative to the rest of the stocks in our portfolio,” Wood said earlier this month in an interview with Bloomberg Radio.
“It has been a good source of cash, and we have taken profits and deployed them into other stocks that we feel have been unfairly punished.”
Last week, Ark Invest assigned a wilder price target of $4,600 on Tesla by 2026, up from a prior estimate of $3,000 by 2025.
The popular money managing firm also piled up more shares in Xpeng Inc, buying 93,466 shares, worth $2.2 million, via ARKQ.
Ark Invest held 919,008 shares, worth $22.8 million, in Xpeng prior to Thursday's trade. The money managung firmfirst bought shares in Xpenglast December.