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(Bloomberg) – Cathie Wood’s exchange-traded funds have sold some of their Tesla Inc. shares over the past two days, benefiting from the recent rally as the stock climbs for the third week in a row.
The ARK Innovation, ARK Next Generation Internet and ARK Autonomous Technology & Robotics ETFs sold more than 180,000 shares on Wednesday and Thursday, according to daily trade updates. At closing prices, that brings the total value to almost $ 139 million.
Sales amount to around 3% of ARK’s stake in Tesla, and the company still owns more than $ 4 billion, making it one of Tesla’s top 20 holders. ARK regularly cuts winning positions to reinvest money in new targets or existing names with high conviction.
Shares of the electric vehicle maker have climbed over the past three weeks, adding around $ 75 billion in market value through Thursday’s close as shipments of Chinese-made cars to the local market rebounded in the month. last, and in the midst of a larger stock rally in August. The stock gained up to 1% at the opening on Friday.
Earlier this year, Wood predicted Tesla’s stock would reach $ 3,000 by 2025, bringing its valuation to around $ 3 trillion. Its current market capitalization is approximately $ 760 billion.
ARK’s daily operations update reflects changes made to the portfolio by its investment team and excludes creation and buyback activities and public offerings; for this reason, it may not fully reflect all of the business activities of the company.
(Updated the stock price movement in the fourth paragraph and the total capitalization in the fifth paragraph. An earlier version of this story was corrected to say $ 1 billion for Tesla’s market value.)
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