Cathie Wood Sells Another $94M In Tesla And Buys These Stocks Instead

Popular money manager Cathie Wood’s investment firm Ark Invest sold more shares in Tesla Inc TSLA on Tuesday, booking profit in the stock even as shares of the electric vehicle company fell after days of rising higher.

Ark Invest sold 80,100 shares — estimated to be worth $93.87 million — in the Elon Musk-led company’s stock, which recently broke into the $1 trillion market capitalization club.

Tesla shares, which have risen about 50% in the past month, closed 3.03% lower at $1,171.97 a share on Tuesday.

Musk on Monday expressed surprise that the news around car rental company Hertz Global Holdings HTZZ was driving the stock price surge. 

The Tesla CEO tweeted to say he would like to “emphasize that no contract has been signed yet” between the two companies and that the “Hertz deal has zero effect” on the automaker’s economics.

See Also: Why Elon Musk Can't Wrap His Head Around Tesla Stock's Surge

Ark has been booking profit in the stock since early September when shares of the company began an upward march.

Including the latest sale, the New York-based money managing firm has sold about $1.23 billion worth of shares in Tesla since the start of September.

Despite the sell-off, Tesla remains Ark Invest's biggest bet across ETFs — a stock it predicts would hit the $3,000 mark by the end of 2025.

Ark Invest sold Tesla shares via the Ark Innovation ETF ARKK on Tuesday. Besides ARKK, the Ark Autonomous Tech. & Robotics ETF ARKQ and the Ark Next Generation Internet ETF ARKW also have stakes in Tesla.

Each of the three ETFs — which count Tesla as their largest exposure — has risen between 14% to 16% in the past month. Ahead of Tuesday’s trade, the three ETFs together held a total of 3.01 million shares — worth $3.64 billion — in the electric vehicle company.

See Also: Cathie Wood Sells $10.6M In Palantir And $20M In Pinterest And Loads Up $1.7M In This Supplier Of Elon Musk's SpaceX

Here are a few other key trades for Ark on Tuesday:

  • Bought 746,860 shares — estimated to be worth $35.55 million in DraftKings Inc DKNG on the day the stock closed 2.9% lower at $47.60 a share.
  • Sold 847,901 shares — estimated to be worth $21.97 million — in Palantir Technologies PLTR. Shares of the company closed 2.4% lower at $25.92 a share on Tuesday.
  • Bought 405,757 shares — estimated to be worth $14.19 million — in Robinhood Markets Inc HOOD. Shares closed 0.40% higher at $34.99 a share.
  • Bought 9,281 shares — estimated to be worth $2.6 million — in Zoom Video Communications Inc ZM. Shares closed 0.48% higher at $280.29 a share.

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Posted In: Long IdeasNewsSector ETFsBroad U.S. Equity ETFsShort IdeasTrading IdeasETFsARK Investbig techCathie Wood
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