Cathie Wood-led Ark Invest made several trades on Wednesday, the most prominent of which was the sale of shares in Tesla Inc (NASDAQ:TSLA).

This move comes amidst Tesla’s stock continuing its upward trajectory, with the EV maker recently reporting stellar second-quarter deliveries and analysts expressing confidence in further growth in the second half of the year.

The Tesla Trade

Ark Invest sold 20,874 shares of Tesla through its Ark Autonomous Technology & Robotics ETF (NYSE:ARKQ). The trade was valued at $5.7 million, based on Tesla shares’ closing price of $271.99 on Wednesday.

This move is part of a recent trend of Ark selling Tesla shares, despite the EV maker’s stock strength in recent sessions. Tesla remains a top holding in Ark’s key ETFs, even as the company’s stock appears well on track to cross the psychological resistance of the $300 mark level in the coming days.

Despite the sale, Ark Invest remains bullish on Tesla’s long-term prospects, particularly in the realm of AI. Ark analyst Frank Downing recently predicted that Tesla’s AI training capacity will likely grow at a compounded annual growth rate of 273% from 2021 to 2024, potentially enabling Tesla to be the first to roll out a nationwide autonomous taxi platform.

See Also: Tesla Model Y Registrations Double In US, Driving EV Market Growth

Other Key Trades:

• Ark bought 302,659 shares of Ginkgo Bioworks Holdings Inc (NYSE:DNA) through its Ark Innovation ETF (NYSE:ARKK) and another 75,672 shares through its Ark Genomic Revolution ETF (NYSE:ARKG).
• Ark bought 179,000 shares of Cameco Corp (NYSE:CCJ) through its Ark Autonomous Technology & Robotics ETF.
• Ark sold 329,363 shares of Codexis Inc (NASDAQ:CDXS) through the Genomic Revolution ETF.

These trades reflect Ark’s ongoing strategy of investing in innovative companies, while also adjusting its holdings based on market trends and company performance.

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