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2021-08-02

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Ark Sells $43.7M In Tesla While Cathie Wood Likens Elon Musk Company To Apple

Tesla Inc(NASDAQ:TSLA) bull Cathie Wood-led Ark Invest sold some of the shares in the electric vehic

Ark Sells $43.7M In Tesla While Cathie Wood Likens Elon Musk Company To Apple

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Robotics ETF(BATS:ARKQ) and the&nbsp;Ark Next Generation Internet ETF(NYSE:ARKW).\nArk Invest last sold shares in Tesla in April when shares of the company were trading around&nbsp;$719 a piece.\nAll three Ark ETFs count Tesla among their largest positions and together held 4.9 million shares, worth $3.34 billion, ahead of Friday’s trades.\nThe popular investment firm also scooped over 1.85 million shares, estimated to be worth about $65.2 million, in&nbsp;Robinhood Markets Inc(NASDAQ:HOOD) as the shares of the company staged a recovery and closed higher just a day after a dismal debut.\nRobinhood shares closed&nbsp;0.95% higher at $35.15 on Friday, a day after losing over 8% on its trading debut.\nArk deployed ARKK, ARKW and the&nbsp;Ark Fintech Innovation ETF(NYSE:ARKF) to buy the shares in Robinhood and the three ETFs held 4.6 million shares, worth $160.5 million, in Robinhood Markets.\nSome of the other key Ark Invest buys on Friday included&nbsp;Pinterest Inc(NYSE:PINS), and&nbsp;UiPath Inc(NYSE:PATH), and sells included&nbsp;Pinduoduo Inc(NASDAQ:PDD).\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKW":"ARK Next Generation Internation ETF","ARKF":"ARK Fintech Innovation ETF","ARKQ":"ARK Autonomous Technology & Robotics ETF","ARKK":"ARK Innovation ETF","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123481231","content_text":"Tesla Inc(NASDAQ:TSLA) bull Cathie Wood-led Ark Invest sold some of the shares in the electric vehicle maker months after setting a steep price target on the stock as the investment management firm re-balances its portfolio.\nThe popular investment firm sold 63,643 shares, estimated to be worth about $43.7 million, in the Elon Musk-led company on a day Wood said Tesla will follow Apple Inc(NASDAQ:AAPL) in capturing the lion's share of the sector's profits.\nWood compared Tesla with Apple in an interview with RealVision and suggested a huge inefficiency in analyst research behind Tesla, as reported by Markets Insider.\n“We believe that the reason there's such a big inefficiency in Tesla's valuation is the short-term time horizon of analysts and the wrong analysts following it,” Woods said, as per the report.\nThe popular investment firm, which counts Tesla as its biggest holding, had in March said the stock will hit $3,000 at the end of 2025.\nThe New York-based investment firm had on Monday deployed the Ark Innovation ETF(NYSE:ARKK) to sell the shares in Tesla and also holds the stock via two other traded funds, namely, the Ark Autonomous Technology & Robotics ETF(BATS:ARKQ) and the Ark Next Generation Internet ETF(NYSE:ARKW).\nArk Invest last sold shares in Tesla in April when shares of the company were trading around $719 a piece.\nAll three Ark ETFs count Tesla among their largest positions and together held 4.9 million shares, worth $3.34 billion, ahead of Friday’s trades.\nThe popular investment firm also scooped over 1.85 million shares, estimated to be worth about $65.2 million, in Robinhood Markets Inc(NASDAQ:HOOD) as the shares of the company staged a recovery and closed higher just a day after a dismal debut.\nRobinhood shares closed 0.95% higher at $35.15 on Friday, a day after losing over 8% on its trading debut.\nArk deployed ARKK, ARKW and the Ark Fintech Innovation ETF(NYSE:ARKF) to buy the shares in Robinhood and the three ETFs held 4.6 million shares, worth $160.5 million, in Robinhood Markets.\nSome of the other key Ark Invest buys on Friday included Pinterest Inc(NYSE:PINS), and UiPath Inc(NYSE:PATH), and sells included Pinduoduo Inc(NASDAQ:PDD).","news_type":1},"isVote":1,"tweetType":1,"viewCount":132,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}