Cathie Wood-led investment management firm Ark Invest on Wednesday sold more shares in Tesla Inc (NASDAQ:TSLA), a stock that represents the largest weight for the popular money managing firm.
Ark Invest sold 56,975 shares — estimated to be worth $63.58 million — in the Elon Musk-led company.
Tesla shares pared early losses on Wednesday to close 0.63% higher at $1,116 a share. The stock has risen 53% so far this year; most of this appreciation has happened since September.
Ark Invest has been booking profit in Tesla since September after years of piling up shares in the electric vehicle company at much lower levels.
Tesla continues to be the money managing firm's biggest bet across ETFs — a stock it predicts would hit the $3,000 mark by the end of 2025.
Including the latest sale, Ark has sold about $3.01 billion worth of shares in Tesla since the start of September.
Ark Invest sold Tesla shares via the Ark Innovation ETF (NYSE:ARKK) on Wednesday. The Ark Next Generation Internet ETF (NYSE:ARKW) and the Ark Autonomous Technology & Robotics ETF (BATS:ARKQ) also own shares in Tesla.
Ahead of Wednesday’s trade, the three ETFs together held a total of 2.42 million shares — estimated to be worth $2.70 billion — in the electric vehicle company’s stock.
Here are a few other key trades for Ark on Wednesday:
- Bought 233,353 shares — estimated to be worth $6.53 million — in Robinhood Markets Inc (NASDAQ:HOOD). The stock closed 1.19% higher at $27.98 a share. The company had earlier this week said it tested the transfer of meme cryptocurrency Dogecoin (CRYPTO: DOGE) to an external wallet for the first time.
- Bought 22,312 shares — estimated to be worth $793,860 — in DraftKings Inc (NASDAQ:DKNG). The stock closed 1.54% higher at $35.58 a share.
Photo: Courtesy of Tesla