Cathie Wood-led Ark Invest on Tuesday further lowered some of its exposure in Tesla Inc (Get Free Alerts for TSLA), booking profits in the stock as it showed some signs of recovery in the recent days after months of dull performance.
The popular asset management firm sold 88,924 shares — estimated to be worth $66.2 million — in the Elon Musk-led company on Tuesday, its third such trade in Tesla in September.
With the latest sales, Ark Invest has trimmed a total of 272,572 shares — estimated to be worth about $200 million — in the Palo Alto, California-based company so far this month.
Tesla shares, which have risen about 1.5% since last week, closed 0.20% higher at $744.49 a share on Tuesday. On a YTD basis, Tesla shares have risen about 2%.
Ark Invest deployed the Ark Next Generation Internet ETF and the Ark Innovation ETF to sell shares in Tesla. Ark Invest also owns shares in Tesla via the Ark Autonomous Technology & Robotics ETF(BATS:ARKQ).
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 4.3 million shares — worth $3.19 billion — in the electric vehicle company, ahead of Tuesday’s trades. No other Ark ETF owns shares in Tesla.
Here are some of the other key trades for Ark on Tuesday:
- Bought 235,600 shares in Zoom Video Communications Inc.
- Bought 236,373 shares in Robinhood Markets Inc.
- Sold 30,905 shares in Iridium Communications Inc.