KEY POINTS
Cathie Wood's Ark sold $8M worth of Tesla shares Wednesday as it continues to take profit on gains.
Tesla has been running up since it bottomed at around $152 in late April.
The stock rally has polarized the analyst community as bears cringe over valuation, while bulls highlight the opportunities.
Cathie Wood's Ark Invest continued its Tesla, Inc. selling spree as thestock continued its upward trajectory.
What Happened: Ark Invest, through its Ark Next Generation Internet ETF sold 28,267 shares of Tesla on Wednesday, daily trade disclosure from the firm showed. The sale would have fetched Ark $7.99 million based on the stock's closing price of $282.48 in the session.
Ark has been a seller of the stock through its strength in recent sessions. As recently as Monday, the firm sold $8.20 million worth of Tesla.
The Wood-run actively-managed ETFs have been a net buyer of Tesla this year, with the buy-sell tally at 1.193 billion to 933,946 shares.
Tesla is still a top holding of Ark’s key ETFs.
Why It's Important: Tesla recently reported stellar second-quarter deliveries and analysts are confident of deliveries picking up further in the second half of the year. The sell-side is also optimistic about the company's Cybertruck, which is due for launch later this year.
After bottoming at $152.37 in late April, the stock appears well on track to cross the psychological resistance of the $300 mark level in the coming days.