Cathie Wood’s Ark Investment Management on Wednesday booked more profit in Tesla Inc (NASDAQ:TSLA), selling 19,212 shares — estimated to be worth $20.9 million based on the latest closing price — in the electric vehicle maker.
The Elon Musk-led company’s stock, which had risen about 50% in 2021, closed 5.3% lower at $1,088.1 a share on Wednesday.
Tesla stock has erased all the gains it accumulated on Monday after it reported fourth-quarter delivery volumes that far surpassed expectations.
Ark Invest owns shares in Tesla via three of its exchange-traded funds — the Ark Innovation ETF (NYSE:ARKK), the Ark Autonomous Technology & Robotics ETF (NYSE:ARKQ) and the Ark Next Generation Internet ETF (NYSE:ARKW).
The three ETFs held about 1.64 million shares worth $1.89 billion in Tesla, prior to Wednesday’s trade.
Tesla on Sunday smashed fourth-quarter delivery records, posting its biggest quarterly and full-year delivery volume.
A Tesla super-bull, Wood has long favored the Musk-led company and set a $3,000 price target for the electric vehicle stock for 2025.
The St. Petersburg, Florida-based Ark has also been recently loading up shares in the U.S.-listed Chinese electric vehicle maker Xpeng Inc (NYSE:XPEV).
Here are some other key Ark Invest trades from Wednesday:
Bought 166,101 shares — estimated to be worth $32.7 million — in Roku Inc (NASDAQ:ROKU) on the dip. The stock closed about 12% lower at $196.7 a share.
Sold 28,300 shares — estimated to be worth $1.8 million — in JD.com Inc (NASDAQ:JD). The stock closed 1.8% lower at $63 a share on Wednesday.