Cathie Wood-run Ark Invest on Friday sold shares of electric vehicle giant Tesla, Inc. TSLA.
Ark’s flagship ARK Innovation ETF ARKK sold 32,401 shares of Tesla, valued at $28.9 million at Friday’s closing price. This marks Ark's first trade in the stock since mid-June.
Ark was actively buying Tesla stock in May and in the first half of June, when the stock was going through a lean patch. In May, Ark bought 45,003 shares of Tesla and through June 16, it acquired an incremental 23,857 shares. Incidentally, the stock bottomed around that time amid worries concerning the impact of the Shanghai COVID lockdowns on production and has been trending higher since then.
Production at Tesla’s Giga Shanghai, which accounts for about half of the company’s global output, came to a standstill for about 22 days in April due to the lockdowns. After reporting soft deliveries for the month, the company has come back up strongly following the resumption of activity.
Earlier this month, Tesla reported better-than-expected results that have allayed investor fears. The company, however, has to turn in record performance in the second half to meet its long-term delivery growth target.
Tesla shares closed Friday’s session 5.78% higher at $891.45, according to Benzinga Pro data
Corrects a previous version of the story which said, Ark bought shares instead of sold
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.