Ark Takes Profits After Tesla Shares Climb To Four-Month High

Ark Takes Profits After Tesla Shares Climb To Four-Month High
Andrew Rummer

over 2 years ago1 min

Mentioned in story

Ark Investment Management, the money manager founded by Cathie Wood, has sold nearly 184,000 Tesla shares this week after the automaker’s stock price climbed to a four-month high. 

The investment firm sold 142,700 shares on Wednesday and another 40,940 on Thursday, netting about $139 million, according to trading notifications from Ark.

The chart above shows how, since March, Ark has sold Tesla stock every time its price has climbed above $700 or so. Ark still owns more than 4.3 million shares in Tesla, making Elon Musk’s firm its biggest holding across its six actively managed funds.

And, despite the sales, Wood is still one of Tesla’s biggest supporters. She reiterated this month that she expects Tesla’s stock to reach a massive $3,000 by 2025. 

After a superb 2020, this year has proved tougher for Ark. Its flagship Ark Innovation fund (ticker: ARKK) is down 2.2% so far in 2021, compared to a 14% gain in the global stock market. Investors have pulled $388 million from the fund so far in September, putting it on course for a third straight month of outflows.

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