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Cathie Wood, chief executive officer and chief investment officer, Ark Invest.
Patrick T. Fallon/AFP/Getty Images
Cathie Wood’s ARK Invest continues to unload
Tesla
stock after the electric-vehicle pioneer’s significant rally this year.
The asset manager disclosed on its website that it had sold a combined 28,386 Tesla shares on Wednesday.
The ARK Next Generation Internet exchange-traded fund (ticker: ARKW) sold 10,401 Tesla (TSLA) shares, while the
ARK Autonomous Technology & Robotics ETF
(ARKQ) sold 17,967 shares. Based on Wednesday’s closing price of $256.24, the sales would have been worth about $7.27 million.
ARK Invest has now cashed out of Tesla shares on some six different occasions this month—including a sale of 62,415 shares worth roughly $16 million from one of the funds, according to a June 16 disclosure. Tesla stock has rallied 24% this month through Wednesday’s close, and has surged 108% for the year so far. The run has helped the Nasdaq Composite advance about 30% for the year.
The electric-car maker is slated to report its second-quarter results on July 24 and a record number of deliveries for the quarter can help keep the stock on its current trajectory.
Separately, ARK Invest’s ARK Autonomous Technology & Robotics ETF bought shares of Advanced Micro Devices (AMD) on Wednesday, the disclosure shows. The semiconductor company has been touted as an artificial intelligence champion by Wall Street analysts.
AMD shares are up 70% to trade at $111.64 this year.
Write to Karishma Vanjani at [email protected]
Source: https://www.barrons.com/articles/tesla-stock-cathie-wood-ark-funds-f64ab4d6?siteid=yhoof2&yptr=yahoo