Cathie Wood's Ark Loads Up Further On Tesla And Cuts Apple Stake

Cathie Wood-led Ark Investment Management on Tuesday snapped up $27.2 million worth of shares in Tesla Inc TSLA after a two-week gap during which shares of the electric vehicle company have retreated about 15%.

The New York-based investment firm bought 47,031 shares in Tesla via the Ark Innovation ETF ARKK and the Ark Autonomous Technology & Robotics ETF ARKQ.

Ark last bought Tesla shares on April 29 as the stock dipped in the aftermath of the electric vehicle maker reporting earnings for the first quarter. 

See also: How to Invest in Tesla Stock

ARKK has Tesla as its largest holding with nearly $2 billion worth of the electric vehicle maker’s stock, or about 10% of the ETF.

Wood’s firm has been bullish on the electric vehicle company but CEO Elon Musk’s opinion on Bitcoin’s energy consumption last week put Ark’s stand at crossroads with that of Tesla.

Ark Funds had in March updated its price target for Tesla to $3,000 per share by 2025. Tesla shares closed 0.18% higher at $577.87 on Tuesday and were down 1.19% in after-hours. 

See Also: Elon Musk Slips From Second Position In The Rich List As Tesla Shares Continue To Slump

The investment firm, which has shed most of its Apple Inc AAPL shares, sold more of them on Tuesday, and now holds residual shares in the Cupertino, California-based company.

The ARK Fintech Innovation ETF ARKF sold 2,500 shares, worth about $312,125, in Apple. No other Ark ETF has a position in Apple.

Other Ark Buys On Tuesday:

  • Square Inc SQ
  • StoneCo Ltd STNE
  • Signify Health Inc SGFY
  • Recursion Pharmaceuticals Inc RXRX
  • 908 Devices Inc MASS
  • 1life Healthcare Inc ONEM
  • Codexis Inc CDXS
  • Pacific Biosciences of California Inc PACB
  • Twilio Inc TWLO
  • Draftkings Inc DKNG
  • Crispr Therapeutics AG CRSP
  • Coinbase Global Inc COIN
  • Beam Therapeutics Inc BEAM
  • Niu Technologies NIU
  • Atlas Crest Investment Corp ACIC
  • Uipath Inc PATH
  • Blade Air Mobility Inc BLDE

Other Ark Sells On Tuesday:

  • Guidewire Software Inc GWRE
  • Yeahka Ltd YHEKF
  • Pluristem Therapeutics Inc PSTI
  • Lendingtree Inc TREE
  • Synopsys Inc SNPS
  • Syros Pharmaceuticals Inc SYRS
  • Organovo Holdings Inc ONVO
  • KE Holdings Inc BEKE
  • Novartis AG NVS
  • Nintendo Co Ltd NTDOY
  • Huya Inc HUYA
  • Workhorse Group Inc WKHS
  • Virgin Galactic Holdings Inc SPCE
  • Galileo Acquisition Corp GLEO
  • Autodesk Inc ADSK
  • HubSpot Inc HIBS
  • Pinterest Inc PINS
  • Fastly Inc FSLY
  • Baidu Inc BIDU
  • Agora Inc API

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