Cathie Wood-led Ark Investment Management on Thursday sold 37,551 shares in Tesla Inc TSLA, estimated to be worth $40.46 million based on Thursday's closing price.
The Elon Musk-led company’s stock closed 1.5% lower at $1,077.6 a share on Thursday and is down about 10.2% year-to-date.
Wood during the past week resumed profit-booking in Tesla after shares of the electric vehicle maker climbed over $1,000 apiece, helping it rejoin the $1 trillion market valuation club after nearly a month of sluggishness.
Ark started reducing exposure to Tesla stock in September 2021, after the company delivered impressive third-quarter numbers and later won a large order from Hertz Global Holdings Inc HTZ.
See Also: Cathie Wood Trims $3M From Tesla Stake And Snaps Up More Shares In This Chinese EV Maker
A Tesla super-bull and a staunch EV supporter, Wood counts the company’s stock as its top holding and has estimated it to break past $3,000 by 2025.
Ark Invest held 1.5 million shares, worth $1.64 billion, in Tesla, before Thursday’s trade.
It owns shares in Tesla via the Ark Innovation ETF ARKK, the Ark Next Generation Internet ETF ARKW, and the Ark Autonomous Technology & Robotics ETF ARKQ.
Tesla shares rallied 8% higher on Monday after the company said it will seek investor approval to increase its number of shares to enable a stock split in the form of a dividend.
Besides Tesla, Ark Invest has been building up positions in Chinese electric vehicle makers such as Nio Inc NIO, Xpeng Inc XPEV, and BYD Co BYDDY.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
