Cathie Wood-led Ark Invest on Friday sold more shares in Tesla Inc (NASDAQ:TSLA), booking profit in a stock that represents the largest weight for the investment management firm.
Ark Invest sold 119,256 shares — estimated to be worth $121 million — in the Elon Musk-led company.
Tesla stock closed 6.42% lower at $1,014.97 a share on Friday but it is still up 39% year-to-date.
Shares of the company traded sharply lower on Friday after CEO Musk sold another $1 billion worth of Tesla shares. In general, software stocks were under pressure on Friday’s trading after a round of earnings news.
Ark Invest has been booking profit in Tesla since September — selling over $3 billion worth of shares — after years of piling up shares in the electric vehicle company at far lower levels.
Tesla continues to be the money managing firm’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) on Friday. It also owns stakes in Tesla via via the Ark Next Generation Internet ETF (NYSE:ARKW) and the Ark Autonomous Technology & Robotics ETF (BATS:ARKQ).
The three ETFs held 2.24 million shares — estimated to be worth $2.27 billion — in the electric vehicle company’s stock ahead of Friday’s trade.
Wood’s firm also bought 746,964 shares in DocuSign Inc. (NASDAQ:DOCU) via three of its ETFs. The company’s shares crashed by 42% on Friday to close at $135.09 as investors expressed concerns over decelerating revenue growth and a weak guidance. Ark expressed confidence in Docusign, saying “transition from paper to digital agreements is enduring” and Docusign’s growth can be expected “to re-accelerate in the long-term as management refocuses go-to-market efforts.”
Here are a few other key trades for Ark on Friday:
- Bought 223,111 shares — estimated to be worth $41 million — in Zoom Video Communications Inc (NASDAQ:ZM). Shares of the company fell 4.08% lower at $183.92 a share on Friday.
- Sold 114,499 shares — estimated to be worth $35.13 million — in Meta Platforms Inc (NASDAQ:FB), formerly known as Facebook Inc. Stock closed 1.14% lower at $306.84 a share on Friday.
- Sold 2,209 shares — estimated to be worth $7.45 million — in Amazon.com Inc (NASDAQ:AMZN). Stock closed 1.38% lower at $3,389.79 a share.