Cathie Wood’s Ark Sells Another $30M In Tesla, Further Trims Coinbase Stake And Buys More Of This SVOD Stock – Tesla Motors (TSLA)

Cathie Wood-led investment management firm Ark Invest on Friday sold 26,932 shares — estimated to be worth $30.62 million — in Tesla Inc (NASDAQ:TSLA), booking more profit in the electric vehicle stock as it continues to rise after recently joining the $1 trillion market capitalization club.

Tesla shares, which have risen about 55.8% so far this year, closed 3.71% higher at $1,137.06 a share on Friday.

The St. Petersburg, Florida-based Ark Invest has been booking profit in the stock since early September when shares of the Elon Musk-led company started rising after months of sluggish performance.

See Also: Tesla Analyst Says It Could Take Half Of $5-Trillion EV Market, Raises Price Target

Including the latest sale, the popular money managing firm has sold about $2 billion worth of shares in Tesla since the start of September.

Tesla continues to be Ark Invest’s biggest bet across ETFs — a stock it predicts would hit the $3,000 mark by the end of 2025.

Ark Invest sold Tesla shares via the Ark Innovation ETF (NYSE:ARKK) and the Ark Next Generation Internet ETF (NYSE:ARKW) on Friday. The Ark Autonomous Technology & Robotics ETF (BATS:ARKQ) too owns shares in Tesla.

Ahead of Friday’s trade, the three ETFs together held a total of 2.78 million shares — estimated to be worth $3.16 billion — in the electric vehicle company.

Here are a few other key trades for Ark on Friday:

  • Sold 59,816 shares — estimated to be worth $19.89 million — in Coinbase Global Holdings (NASDAQ:COIN), whose stock closed 2.78% lower at $332.55 a share on Friday.
  • Bought 205,025 shares —estimated to be worth $47.99 million — in Roku Inc (NASDAQ:ROKU), whose stock closed 0.74% lower at $234.10 a share. 

Photo: Courtesy of Tesla

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