Cathie Wood Sells Another $4.9M In Tesla Stock On Thursday — Buys Shares In Palantir And This Chinese E-Commerce Giant
Cathie Wood’s Ark Investment Management on Thursday booked more profit in Tesla Inc (NASDAQ:TSLA), selling 4,620 shares — estimated to be worth $4.9 million based on the latest closing price — in the electric vehicle maker.
The Elon Musk-led company’s stock closed 2.15% lower at $1,064.7 a share on Thursday.
Tesla stock posted significant gains on Monday as it reported fourth-quarter delivery volumes that far surpassed expectations; the gains have been since erased. The electric vehicle maker’s shares had advanced about 50% in 2021 and are down 11.3% for the year so far.
Ark Invest owns shares in Tesla via three of its exchange-traded funds — the Ark Innovation ETF (NYSE:ARKK), the Ark Autonomous Technology & Robotics ETF (NYSE:ARKQ) and the Ark Next Generation Internet ETF (NYSE:ARKW).
The three ETFs held about 1.61 million shares worth $1.75 billion in Tesla, prior to Thursday’s trade.
Tesla on Sunday smashed fourth-quarter delivery records, posting its biggest quarterly and full-year delivery volume.
Wood, who founded Ark Invest, is a Tesla bull and has set a $3,000 price target for the electric vehicle stock for 2025.
The St. Petersburg, Florida-based Ark has also been recently loading up shares in the U.S.-listed Chinese electric vehicle maker Xpeng Inc (NYSE:XPEV).
Here are some other key Ark Invest trades from Thursday: