Cathie Wood's Ark Invest trimmed its Tesla, Inc. TSLA stake yet again on Friday, marking its second straight day of selling.
What Happened: Ark, through its flagship Ark Innovation ETF ARKK and Ark Autonomous Technology & Robotics ETF ARKQ, sold 31,749 shares of Tesla on Friday.
The disposal would have fetched Ark $7.70 million, based on Tesla's closing price of $242.65 on Friday, when it fell 1.10%.
On Thursday, Ark sold 76,425 Tesla shares worth $18.75 million. For the week, the firm has shed Tesla stake worth $26.45 million.
Ark has been offloading Tesla shares since mid-June, and the total number of shares sold since June 12, including Friday’s sale, amounted to 915,565.
See Also: Everything You Need To Know About Tesla Stock
Why It's Important: Wood's Ark is into the habit of buying its key portfolio stocks when they drop and take profits in them when they rise. Ark's recent Tesla trades have not conformed with this pattern.
Wood has hinted in the past that her fund sells Tesla and uses the cash to buy stocks that are undervalued, terming it as a capital allocation strategy. Despite the pullback, Tesla is still up about 100% for the year.
Despite the string of selling, Tesla continues to be the top holding in most of Ark ETFs of which it is a part. The stock is a top holding of the flagship ARRK fund, with a portfolio weighting of 10.67%
ARRK ended Friday's session down 0.54% at $42.75, according to Benzinga Pro data.
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