Cathie Wood’s Ark Investment Management on Wednesday booked more profit in Tesla Inc, selling 2,656 shares — estimated to be worth $2.9 million based on the latest closing price — in the electric vehicle maker.
The Elon Musk-led company’s stock closed 3.9% higher at $1,106.2 per share on Wednesday.
Ark Invest owns shares in Tesla via three of its exchange-traded funds — the Ark Innovation ETF, the Ark Autonomous Technology & Robotics ETF and the Ark Next Generation Internet ETF.
The three ETFs held about 1.61 million shares worth $1.72 billion in Tesla, prior to Wednesday’s trade.
Tesla ended 2021 on a high as it posted its biggest quarterly and full-year delivery volume. The Austin, Texas-based electric vehicle maker’s Giga Shanghai accounted for more than half of the electric vehicle maker’s global deliveries in 2021.
Wood, who founded Ark Invest, is a Tesla bull and has set a $3,000 price target for the electric vehicle stock for 2025. The investment firm has been selling shares in Tesla since September after shares moved higher to breach the$1 trillion market cap.
The St. Petersburg, Florida-based Ark has also been recently loading up shares in the U.S.-listed Chinese electric vehicle maker Xpeng Inc.
Here are a few other key Ark Invest trades from Wednesday:
- Bought 70,259 shares — estimated to be about $12 million — in Zoom Video Communications Inc on the dip. The Zoom stock closed 3% lower at $170.6 a share on Wednesday.
- Bought 628,636 shares — estimated to be worth $10.5 million — in Palantir Technologies Inc. Shares of the company closed 1% lower at $16.7 a share.
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