February 4, 2023

Cathie Wood Continues Booking Profit In Tesla As Stock Shoots Up, Loads Up On These 2 Stocks Instead – Tesla Motors (TSLA)

Cathie Wood’s Ark Investment Management on Monday sold more shares in Tesla Inc (NASDAQ:TSLA), starting the new year with more profit booking in the electric vehicle stock as it jumped higher after reporting fourth-quarter delivery volumes that far surpassed expectations. 

The popular asset management firm sold 39,262 shares — estimated to be worth $47 million — in Tesla.

The Elon Musk-led company’s stock soared 13.5% on Monday to close at $1,199.8 a share. The stock rose about 50% in 2021.

See Also: Tesla Can End Up Being The ‘iPhone’ Of The EV Industry And It’s ‘Show Me Year’ For Ford, Rivian, Lucid: Gene Munster

Wood’s firm has exposure 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 1.75 million shares worth $1.84 billion in Tesla, prior to Monday’s trade. 

Tesla on Sunday smashed fourth-quarter delivery records, posting its biggest quarterly and full-year delivery volume.

A Tesla super-bull, Wood has long favored the Musk-led company and set a $3,000 price target for the electric vehicle stock for 2025.

The St. Petersburg, Florida-based Ark has recently also begun buying shares in the U.S.-listed Chinese electric vehicle maker Xpeng Inc (NYSE:XPEV).

See Also: Robinhood, DraftKings — Cathie Wood’s Last Trades For 2021

Here are some other key Ark Invest trades from Monday:

  • Bought 442,456 shares — estimated to be worth $8.2 million — in Palantir Technologies Inc (NYSE:PLTR). Shares of the Peter Thiel-founded data company closed 1.8% higher at $18.5 a share.
  • Sold 359,577 shares — estimated to be worth $15.3 million — in Twitter Inc (NYSE:TWTR). The micro-blogging company’s stock closed 1.3% lower at $42.7 a share.
  • Bought 345,771 shares — estimated to be worth $6.4 million — in Robinhood Markets Inc (NASDAQ:HOOD). Shares of the commission-free trading app that deals in stocks, exchange-traded funds and cryptocurrencies closed 3.8% higher at $18.4 a share.

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