Cathie Wood Continues To Book Profits As Tesla Stock Bulldozes Its Way Higher: Here's What ARK Is Buying

Cathie Wood-led ARK Investment Management continued to book profits in Tesla Inc TSLA shares this week as well with the stock maintaining its rally. Funds operated by ARK sold over 31,500 shares of the EV-maker at an estimated valuation of over $8.6 million based on Tuesday's closing price.

The sale was done via the ARK Innovation ETF ARKK, the ARK Autonomous Technology & Robotics ETF ARKQ and the ARK Next Generation Internet ETF ARKW.

Also Read: Everything You Need To Know About Tesla Stock

Tesla shares closed over 5% higher on Tuesday and have gained a whopping 45.31% in the last month. The stock is currently trading near its Sept. 2022 highs. The Elon Musk-led company’s spate of good news continued as rival Rivian Automotive Inc RIVN on Tuesday became the latest EV manufacturer to adopt Tesla’s North American Charging Standard (NACS) across the United States and Canada.

The NACS charging ports will be incorporated as the standard in future R1 vehicles, as well as the company’s upcoming R2 platform, beginning in 2025.

Interestingly, ARK has earlier said its updated open-source Tesla model projects the stock hitting $2,000 in 2027. So, it is evident that the recent profit booking in Tesla shares could be temporary and it could be possible that ARK may load up on the EV-maker's stock at a later stage.

Major Buys: ARK loaded up over 144,900 shares of Twilio Inc TWLO on Tuesday at an estimated valuation of over $9.7 million based on Tuesday's closing price. At the same time, ARK also bought over 74,200 shares of Zoom Video Communications Inc ZM at an estimated valuation of over $5.2 million based on the session's closing price.

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Posted In: EquitiesNewsBroad U.S. Equity ETFsMarketsETFsARK Investment ManagementCathie Woodelectric vehiclesEVsTesla
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