The New York-based Ark Invest led by popular money manager Cathie Wood sold a hefty stake in Tesla Inc(NASDAQ:TSLA) on Thursday, booking profits in two back-to-back trading sessions as the stock recovered from months of dull performance.
The asset manager sold a total of 183,648 shares — estimated to be about $138.5 million — in the Elon Musk-led electric vehicle maker in two straight sessions.
Tesla shares, which have risen about 3% so far this week, closed 0.13% higher at $754.86 a share on Thursday. On a YTD basis, Tesla shares have risen about 3.4%.
The investment firm sold a total of 142,708 shares in Tesla on Wednesday, followed by another 40,940 shares on Thursday.
Ark Invest deployed the Ark Autonomous Technology & Robotics ETF(BATS:ARKQ), the Ark Innovation ETF(NYSE:ARKK) and the Ark Next Generation Internet ETF(NYSE:ARKW) to sell Tesla shares over the 2 days.
Wood’s firm holds large bets in Tesla, which it predicts will hit the $3,000 mark at the end of 2025.
Each of the three ETFs count Tesla as their largest exposure and held a total of 4.37 million shares — worth $3.3 billion — in the electric vehicle company, ahead of Thursday’s trades. No other Ark ETF owns shares in Tesla.
Here are some of the other key trades for Ark on Thursday:
- Snapped up 1.05 million shares in UiPath Inc(NYSE:PATH).
- Sold 59,376 shares in Trimble Inc(NASDAQ:TRMB).
- Bought 59,529 shares in Roku Inc(NASDAQ:ROKU).
- Sold 66,402 shares in Iridium Communications Inc(NASDAQ:IRDM).
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