Katie Wood is dumping more and more Tesla shares

Katie Wood is dumping more and more Tesla shares

Cathie Wood’s Tesla

Cathie Wood’s Ark Invest continued its Tesla, Inc. (NASDAQ:TSLA) selling spree as the stock continued its upward trajectory.

What Happened: Ark Invest, through its Ark Next Generation Internet ETF (NYSE:ARKW) sold 28,267 shares of Tesla on Wednesday, daily trade disclosure from the firm showed. The sale would have fetched Ark $7.99 million based on the stock’s closing price of $282.48 in the session.

Ark has been a seller of the stock through its strength in recent sessions. As recently as Monday, the firm sold $8.20 million worth of Tesla.

The Wood-run actively-managed ETFs have been a net buyer of Tesla this year, with the buy-sell tally at 1.193 billion to 933,946 shares.

Tesla is still a top holding of Ark’s key ETFs.

Why It’s Important: Tesla recently reported stellar second-quarter deliveries and analysts are confident of deliveries picking up further in the second half of the year. The sell-side is also optimistic about the company’s Cybertruck, which is due for launch later this year.

After bottoming at $152.37 in late April, the stock appears well on track to cross the psychological resistance of the $300 mark level in the coming days.

Tesla closed Wednesday’s session up 0.95% at $282.48, according to Benzinga Pro data.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

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