Kathy Wood wants to buy Tesla shares

Kathy Wood wants to buy Tesla shares

Cathie Wood’s Tesla

The holding is the second largest in the ARK portfolio.

Shares of Tesla  (TSLA) – Get Free Report have had a tough time breaking out in 2023, but Cathie Wood, founder and leader of Ark Invest, is steadfast in her commitment to the stock.

But to fuel her purchases of the stock, Wood and Ark seem to have fallen out of love, possibly just temporarily, with another stock in the healthcare field.

Wood’s ARK Genomic Revolution ETF  (ARKG) – Get Free Report sold 4,653 shares of cancer screening diagnostic tool maker Exact Sciences  (EXAS) – Get Free Report while the ARK Innovation ETF  (ARKK) – Get Free Report sold nearly 26,000 shares of the company.

Ark has sold Exact shares 11 times over the past 10 days, while purchasing 0 shares during that time period, according to Ark Invest Daily.

All told, Ark has dropped more than 233,000 shares of EXAS over the past 10 days.

But that’s not to say that Wood has lost faith in Exact Sciences. The company still represents the second largest portion of her portfolio, according to Hedge Follow, with 16 million shares representing 7.04% of ARK’s holdings.

Meanwhile, the 4.63 million shares of Tesla the fund owns is worth about $570 million and represents a little over 5% of holdings.

“Tesla… probably is one of the biggest beneficiaries of artificial intelligence and it is the only auto manufacturer to design its own AI chip. And we do believe that it is in the pole position to be the leader in a winner-take-most market called autonomous taxi platforms,” Wood told Fox Business last week.

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