Ark Cuts Tesla Holdings To Lowest Level Since February

Ark Cuts Tesla Holdings To Lowest Level Since February
Andrew Rummer

almost 3 years ago1 min

Mentioned in story

Ark Investment Management, the money manager founded by Cathie Wood, sold nearly 164,000 Tesla shares on Wednesday – trimming its stake to below 5 million shares for the first time since February.

The firm has sold more than half a million shares in the automaker since April 13th as the stock slipped from $762 to $747, according to data from Cathie’s Ark and Bloomberg. Tesla shares peaked at $883 in January. 

Cashing in Tesla stock when Ark is still publicly so bullish on the company – including a forecast that the shares will reach $3,000 in 2025 – has raised eyebrows among some market watchers. 

Of course, even after the past week’s sales, Tesla’s still the biggest single holding across Ark’s six actively managed funds. But these sales suggest that even Tesla superfan Wood expects some short-term weakness in the stock.

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