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Cathie Wood Sells $138.5M Tesla Shares In Two Straight Sessions

Benzinga2021-09-10

The New York-based Ark Invest led by popular money manager Cathie Wood sold a hefty stake in Tesla Inc(NASDAQ:TSLA) on Thursday, booking profits in two back-to-back trading sessions as the stock recovered from months of dull performance.

The asset manager sold a total of 183,648 shares — estimated to be about $138.5 million — in the Elon Musk-led electric vehicle maker in two straight sessions.

Tesla shares, which have risen about 3% so far this week, closed 0.13% higher at $754.86 a share on Thursday. On a YTD basis, Tesla shares have risen about 3.4%.

The investment firm sold a total of 142,708 shares in Tesla on Wednesday, followed by another 40,940 shares on Thursday.

Ark Invest deployed the Ark Autonomous Technology & Robotics ETF(BATS:ARKQ), the Ark Innovation ETF(NYSE:ARKK) and the Ark Next Generation Internet ETF(NYSE:ARKW) to sell Tesla shares over the 2 days.

Wood’s firm holds large bets in Tesla, which it predicts will hit the $3,000 mark at the end of 2025.

Each of the three ETFs count Tesla as their largest exposure and held a total of 4.37 million shares — worth $3.3 billion — in the electric vehicle company, ahead of Thursday’s trades. No other Ark ETF owns shares in Tesla.

Here are some of the other key trades for Ark on Thursday:

  • Snapped up 1.05 million shares in UiPath Inc(NYSE:PATH).
  • Sold 59,376 shares in Trimble Inc(NASDAQ:TRMB).
  • Bought 59,529 shares in Roku Inc(NASDAQ:ROKU).
  • Sold 66,402 shares in Iridium Communications Inc(NASDAQ:IRDM).

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Comment3

  • jh959
    ·2021-09-10
    Rebalancing portfolio
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  • Ironteam
    ·2021-09-10
    If you read this without context, you will sure panic. ARK has to balance the portfolio for the fund, so selling is normal regardless of what their target is. However, price may go down if the majority thinks otherwise. That's when I'll buy more. [鬼臉] 
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  • J1000
    ·2021-09-10
    Thanks 
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    • J1000
      Thanks
      2021-09-10
      Reply
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