On Monday, Cathie Wood-led Ark Invest continued its selling spree of Tesla Inc shares, offloading $2.15 million worth of the electric vehicle giant’s stock.
This move comes amidst a series of recent sales by Ark, despite Tesla’s promising growth projections and recent bullish updates.
The Tesla Trade: Ark sold 8,972 shares of Tesla through its ARK Innovation ETF fund on Monday. The transaction was valued at $2.15 million based on the Elon Musk-led company’s closing price of $239.76.
Ark Invest’s decision to sell Tesla shares follows a series of optimistic updates provided by Tesla during its second-quarter earnings call.
Analysts from Ark highlighted three key growth drivers they believe Wall Street might have overlooked. These include Tesla’s robotaxi initiative, which CEO Elon Musk suggests could generate ‘quasi-infinite’ demand.
Additionally, discussions about licensing its Full Self-Driving Software with a major automaker are ongoing. Lastly, Tesla’s commitment to invest over $1 billion in its Dojo Supercomputer project by 2024 is seen as a strategic move, especially given the current GPU supply constraints from NVIDIA.
Other Key Trades:
Ginkgo Bioworks Holdings Inc– Purchased 850,233 shares through the Innovation fund and ARK Genomic Revolution ETF.
Intellia Therapeutics Inc – Purchased 1,340 shares through ARKK and ARKG.
Beam Therapeutics Inc – Purchased 10,729 shares through ARKG.
Adaptive Biotechnologies – Purchased 22,406 shares through ARKG.
Schrodinger Inc– Sold 20,319 shares through ARKG.