Cathie Wood and her ARK Invest further cut its stake in Tesla Inc. Tesla continues showing recovery signs after few months of dull performance. This year Tesla Inc. did not do well, though it now shows good revival signs.
On Wednesday, the famous asset management firm ARK Invest sold around 81,609 shares from Elon Musk’s Tesla. The net worth estimates to be about $61.7 million. This trading is its fourth such trade in Tesla in September.
In the latest sales, ARK Invest under Cathie Wood has trimmed a total of 354,181 shares. The total estimated worth of these shares is about $267.7 million so far this month. Since the month started, Tesla shares have risen about 6%. On Wednesday, it closed 1.52% higher at $755.83. On a year-to-date basis, the Tesla shares have risen about 3.57%.
The Ark Next Generation Internet ETF and the Ark Innovation ETF deployed to sell shares in Tesla. Ark Invest also owns other shares in Tesla via the Ark Autonomous Technology & Robotics ETF.
Ark Invest, the famous New York-based investment management firm under Cathie Wood, has significant exposure to Tesla. Ark Invest has bought most of Tesla shares at much lower levels. Now, Wood has said the firm isn’t hesitant in booking profits on portfolio companies. The company can do this by selling when they run too high and then buying back at lower prices when they retreat.
Tesla is ranking the top-most-holding in all of the three ETFs. Ark held 4.21 million shares- worth $3.13 billion in the electric vehicle company before Wednesday’s trades.