Kathy Wood further cuts Tesla’s share

Kathy Wood further cuts Tesla’s share

Cathie Wood’s Tesla

Benzinga – by Shanthi Rexaline, Benzinga Editor. As Tesla, Inc. (NASDAQ:TSLA) outperformed the broader market on Thursday, Cathie Wood’s Ark Invest used the bounce to sell more shares in the electric vehicle giant.

What Happened: Ark, through its flagship Ark Innovation ETF (NYSE:ARKK) and Ark Autonomous Technology & Robotics ETF (NYSE:ARKQ), sold 76,425 shares of Tesla. At Thursday’s closing price of $245.34, the sales would have fetched the firm $18.75 million in proceeds.

Ark has been offloading Tesla shares since mid-June and the total number of shares sold since June 12, including Thursday’s sale, amounted to 883,816.

Tesla is still the top holding of ARRK with a 10.67% weighting, and the fund holds roughly 3.4 million shares. The stock is also the top holding for ARKQ ( 582,303 shares) with a 12.98% weighting in the fund.

Why It’s Important: The selling streak comes despite Wood continuing to remain bullish on Tesla. Ark has a 2027 price target of $2,000, with much of the value attributable to the yet-to-be-launched robotaxi service.

Tesla stock has come under pressure after the company’s second-quarter results as investors worry about further margin contraction and tepid demand. From a pre-earnings closing high of $293.34, the stock has pulled back to $245.34.

Leave a Reply

Your email address will not be published. Required fields are marked *

Pin It on Pinterest