Cathie Wood-led Ark Invest has reduced its exposure in $Tesla(TSLA.US)$, by an estimated $300 million so far in September as the popular investment management firm further sold shares in the electric vehicle maker on Thursday.
The New York-based Ark Invest sold 41,457 shares in $Tesla(TSLA.US)$ stock, which closed 0.15% higher at $756.99 per share on Thursday.
Shares of the company have risen 2.9% so far this month and about 3.7% since the beginning of the year.
Wood, who is a dedicated $Tesla(TSLA.US)$ bull, sold shares in the $Palo Alto Networks(PANW.US)$, California-based company via the $ARK Innovation ETF(ARKK.US)$ on Thursday. Two other ETFs — the $ARK Next Generation Internet ETF(ARKW.US)$ and the $ARK Autonomous Technology & Robotics ETF(ARKQ.US)$ — own shares in $Tesla(TSLA.US)$.
No other Ark ETF owns shares in $Tesla(TSLA.US)$.
The three ETFs held a total of about 4.14 million shares — worth $3.12 billion — in the electric vehicle company, ahead of Thursday's trades.
With the latest sales, Ark Invest has trimmed a total of 395,638 shares — estimated to be worth about $299.1 million — in $Tesla(TSLA.US)$ so far this month.
The popular investment management firm has a large exposure in $Tesla(TSLA.US)$, a stock it predicts will hit the $3,000 mark at the end of 2025.
Ark Invest has not provided any details on the share sale. Wood's firm had however bought most of $Tesla(TSLA.US)$ shares at far lower levels and the ace money manager has said the firm isn't hesitant in booking profits on portfolio companies when they run up too high and then buy back at lower prices once they retreat.
Here are some of the other key trades for Ark on Thursday:
Snapped 51,787 shares in $Walt Disney(DIS.US)$.
Bought 384,458 shares in $UiPath(PATH.US)$.
Sold 1,846 shares in $Alphabet -CL C(GOOG.US)$$Alphabet -CL A(GOOGL.US)$.
Bought 350,611 shares in $Robinhood Markets(HOOD.US)$.
Source: ARK INVEST
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