Ark Invest's Cathie Wood Dumps Whopping $53M Worth Of Tesla Stock Ahead Of Q1 Deliveries Report

Zinger Key Points
  • Tesla is Ark Innovation Fund's top holding with a weighting of over 10% in the ETF.
  • Bulls expect the company to report better-than-expected deliveries for the quarter.

Tesla, Inc. TSLA shares bottomed at $163.91 on March 13 and have been seeing some upward momentum since then.

Ark’s Back-to-Back Sale: Ark Invest’s Ark Innovation ETF ARKK and Ark Next Generation Internet ETF ARKW sold 119,151 and 11,547 shares of Tesla, respectively, on Friday, daily trade information from the company showed.

Friday’s disposals totaled 130,698 shares, valued at $24.98 million.

On Thursday, Ark’s ARKK and ARKW cumulatively sold 139,000 shares valued at $26.8 million. Wood’s firm divested $51.78 million worth of Tesla stock this week.

Read Also: Everything You Need To Know About Tesla Stock

Ark has been a buyer of Tesla shares since the stock’s decline late last year. The last sale by the firm ahead of this past week’s liquidation was in early Sept. 2022.

Tesla is still the top holding of Ark’s flagship ARKK fund, accounting for 10.54% of the portfolio. The stock has a 6.89% weighting in ARKW and is the fund’s fourth-largest holding.

Why It’s Important: Tesla is scheduled to report its first-quarter deliveries in April. Tesla bull and Future Fund co-founder Gary Black said this week he expects the company to outperform deliveries expectation from the Street and recommended buying the dip in shares.

Tesla closed Friday’s session at $190.41, down 0.94%, according to Benzinga Pro data.

Read Next: Tesla's Aggressive Price Cuts Bite Rivals, Lucid Teams Up With Apple, Ford Teases 'Revolutionary' Next-Gen EV Truck And More: Biggest EV Stories Of The Week

Photo: Ark Invest

Market News and Data brought to you by Benzinga APIs
Posted In: Analyst ColorNewsTrading IdeasARK InvestCathie Wood
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!