Cathie Wood-led Ark Invest on Wednesday sold 90,455 shares — estimated to be worth $88.3 million — in $Tesla(TSLA.US)$, booking profit in the stock as it rose after days of losses.
The stock pared earlier losses to close 1.82% higher at $975.99 a share on Wednesday. The Elon Musk-led company's shares are up about 34% so far this year and down about 7.5% over the past month.
Ark Invest sold the shares via the $ARK Innovation ETF(ARKK.US)$, the $ARK Autonomous Technology & Robotics ETF(ARKQ.US)$ and the $ARK Next Generation Internet ETF(ARKW.US)$ on Wednesday.
Tesla's weight in ARKK and ARKW had already slipped below the 10% threshold at 8.14% and 9.35%, respectively, ahead of Wednesday's trade. In ARKQ, it constituted 10.59% of the portfolio.
The three ETFs held 1.99 million shares — worth $1.91 billion — in Tesla, ahead of Wednesday's trade.
Ark Invest has been booking profit in Tesla since September — selling over $3 billion worth of shares — after years of piling up shares in the electric vehicle company at far lower levels.
Tesla continues to be the firm's biggest bet across ETFs — a stock it predicts would hit the $3,000 mark by the end of 2025.
Wood favors the automotive industry's switch to electric vehicles and earlier this month started buying shares in the U.S. listed Chinese electric automaker $XPeng(XPEV.US)$.
Here are the other key trades on Wednesday:
Bought 104,489 shares — estimated to be worth $21.3 million — in $Roku Inc(ROKU.US)$ on the dip. The stock closed 7.95% lower at $203.94 a share on Wednesday.
Bought 705,660 shares — estimated to be worth $13.7 million — in $Robinhood(HOOD.US)$. The stock closed 1.93% higher at $19.50 a share.
Source: ARK INVEST
Comment(3)
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