Cathie Wood‘s Ark Invest continued to offload Tesla, Inc. TSLA shares last week even as the stock continues to remain range-bound amid fundamental and macro concerns.
What Happened: Ark, through its flagship Ark Innovation ETF ARKK, sold Tesla shares in three sessions last week, with the stock declining over 3%. Here’s the details of the transactions:
- Tuesday: 31,418 shares valued at $8.28 million
- Wednesday: 37,268 shares valued at $9.08 million
- Friday: 13,188 shares valued at $3.31 million
The cumulative value of Tesla stock that Ark sold in the week was $20.67 million. Ark has been on a Tesla selling streak since mid-June.
The Wood-run firm holds Tesla in its multiple actively-traded exchange-traded funds. Despite the past week’s disposal, Tesla continues to be ARK’s top holding and has a 10.46% weighting in the fund’s portfolio.
See Also: Everything You Need to Know About Tesla Stock
Why It’s Important: Ark is bullish on Tesla and has a 2027 price target of $2,000 for the stock, with much of the optimism premised on the company’s yet-to-be launched robotaxi service. Wood previously shrugged off the Tesla selling as a routine trimming of the position that allows the firm to plow the profit into other disruptive innovators.
Tesla is scheduled to report its third-quarter results on Wednesday after the market closes. Analysts, on average, expect the company to report earnings of $0.74 per share, down from $1.04 per share a year ago. They believe revenue, however, may have increased by about 10% year-over-year to $24.16 billion.
Analysts are worried about a margin erosion, as Tesla persisted with downward price adjustments through discounts and outright price cuts during the quarter.
Tesla ended Friday’s session down 2.99% at $251.12, according to Benzinga Pro data.
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