Cathy Wood’s exchange-traded fund has sold some of its Tesla Inc. shares over the past two days, taking advantage of the recent rally as the stock climbs for the third week in a row.
According to daily trading updates, the ARK Innovation, ARK Next Generation Internet and ARK Autonomous Technology & Robotics ETFs sold more than 180,000 shares on Wednesday and Thursday. At closing prices, this puts the total value at approximately $139 million.
The sale amounted to about 3% of ARK’s Tesla stake and the firm is still worth over $4 billion, making it one of Tesla’s top 20 holders. ARK regularly deducts winning positions to reinvest cash in new targets or existing high-convict names.
Shares of the electric-automaker have climbed over the past three weeks, adding nearly $75 billion in market value on Thursday, as the company’s shipments to the local market of China-made cars rebounded last month, and a August in the middle of a broader stock market rally.
Tesla shares posted a weekly gain of 0.4%, despite a 2.5% drop on Friday amid a broader market decline. They have gained more than 30% since their March lows.
Earlier this year, Wood predicted that Tesla stock would hit $3,000 by 2025, putting its valuation at about $3 trillion. Its current market capitalization is around $738 billion.
ARK’s daily trading updates reflect portfolio changes made by its investment team and exclude creation and redemption activity and public offerings; For this reason it may not fully reflect all the trades of the firm.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
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