Cathie Wood's Ark Invest Sells Tesla Shares Worth $14.5M Amid Rally Driven By Q2 Delivery Numbers, Picks Up Palantir Shares Again Today

On Tuesday, Cathie Wood-led Ark Invest made significant adjustments to its portfolio, offloading a substantial number of shares in Tesla Inc TSLA and scooping up a hefty stake in Palantir Technologies Inc PLTR.

The Tesla Trade

Ark Invest reduced its stake in Tesla across two of its ETFs — ARK Innovation ETF ARKK and ARK Next Generation Internet ETF ARKW. The firm sold 56,425 and 6,442 shares respectively, the transaction was valued at $14.54 million. On Tuesday, Tesla shares closed 10.2% higher at $231.26, driven higher by the second-quarter delivery report of the company. The numbers came ahead of the consensus estimate.

This move comes despite Wood’s previous statements, where she referred to the Elon Musk-led automaker as the “biggest AI project” in the world and predicted the stock to reach $2,000 per share in the coming years.

As recently as June, Ark Invest set a new price target for Tesla at $2,600 for 2029, heavily revolving around the company’s autonomous vehicle ambitions.

The Palantir Trade

On the same day, Ark Invest, through its ARK Autonomous Technology & Robotics ETF ARKQ, purchased 37,053 shares of Palantir worth $957,078.

This investment comes as the AI sector gains momentum, with Palantir being described as the “Messi of AI,” and “probably the most underestimated AI play, maybe tech play, in the market today” by Dan Ives, the managing director at Wedbush.

Notably, Ark Invest picked up Palantir shares worth $5.16 million just a day earlier.

Other Key Trades:

Ark Invest sold shares of Teladoc Health Inc TDOC from its ARKF ETF.
The firm also sold shares of Twist Bioscience Corp TWST from its ARKG ETF.
Ark Invest bought shares of Recursion Pharmaceuticals Inc RXRX and shares of Intellia Therapeutics Inc NTLA for its ARKG ETF.