Cathie Wood-led Ark Invest on Tuesday further sold shares to book profit in Tesla Inc TSLA-1.74%, its largest single-day sell so far this month in the electric vehicle maker company’s stock.
The popular money manager sold 340,618 shares — estimated to be worth $264.85 million — in the Palo Alto, California-based company.
Tesla stock closed 1.74% lower at $777.56 on Tuesday. The company's stock has jumped 5.6% so far this month and the year-to-date gains are about 6.55%.
The popular investment management firm deployed the Ark Autonomous Technology & RoboticsETF ARKW, the Ark Next Generation Internet ETF ARKW-4.08% and theArkInnovationETF ARKK-4.16% to sell shares in Tesla.
The hedge fund is known to be bullish on Tesla and the electric vehicle company remains its largest stock holding. Ark predicts Tesla will hit the$3,000 mark at the end of 2025.
Including the latest sale, the New York-based money managing firm has sold about $594 million worth of shares so far in September in theElon Musk-led company.
Ark held a total of about 4 million shares — worth $3.17 billion — in the electric vehicle company, ahead of Tuesday’s trades.
Here are some of the other key trades for Ark on Tuesday:
- Sold 68,883 shares — estimated to be worth $5.12 million — in Snap Inc SNAP-7.09%, on the day shares of the company closed 7.07% lower at $74.42 a share.
- Sold 1,994 shares — estimated to be worth $5.4 million — in Alphabet Inc GOOG-3.76%+ Free AlertsGOOGL-3.72%+ Free Alerts. Shares of the company closed 3.76% lower at $2,723.68 on Tuesday.
- Snapped 184,199 shares — estimated to be worth $42.33 million — in Coinbase Global Inc COIN-1.03%, on the day shares closed 1.03% lower at $229.84.
- Bought 205,707 shares — estimated to be worth $49.9 million — in Square Inc SQ-5.96%, on the day shares of theJack Dorsey-led company closed about 6% lower at $242.70.
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