Cathie Wood-led Ark Invest on Monday further trimmed its position in the Palo Alto, California-based Tesla Inc (NASDAQ:TSLA) as the electric vehicle stock continued its upward march.
The popular investment management firm sold 24,361 shares — estimated to be worth $19.28 million— in Tesla via the Ark Autonomous Technology & Robotics ETF (BATS:ARKQ) and the Ark Next Generation Internet ETF (NYSE:ARKW).
Including the latest sale, the New York-based money managing firm has sold about $330 million worth of shares in six separate trades so far in September in the Elon Musk-led company.
The hedge fund is known to be bullish on Tesla and the electric vehicle company remains its largest stock holding.
Ark held a total of about 4.07 million shares — worth $3.16 billion — in the electric vehicle company, as of Monday’s trades.
Tesla shares closed 2.19% higher at $791.36 a share on Monday. The company’s stock has jumped 7.56% so far this month and the year-to-date gains are about 8.44%.
The popular investment management firm has a large exposure in Tesla, a stock it predicts will hit the $3,000 mark at the end of 2025.
Here are some of the other key trades for Ark on Monday:
- Bought 298,878 shares — estimated to be worth about $13.38 million — in Robinhood Markets Inc (NASDAQ:HOOD) on the dip. The stock closed 0.33% at $44.76 a share on Monday.
- Bought 76,875 shares — estimated to be worth $17.85 million — in Coinbase Global Inc (NASDAQ:COIN) on the day the stock closed 0.18% higher at $232.24 a share.