Cathie Wood's Ark Invest Sells Tesla Shares Worth $14.5M Amid Rally Driven By Q2 Delivery Numbers, Picks

Benzinga

2024-07-03 06:26

Loading... Loading... On Tuesday, Cathie Wood-led Ark Investmade significant adjustments to i

　　On Tuesday, Cathie Wood-led Ark Investmade significant adjustments to its portfolio, offloading a substantial number of shares in Tesla IncTSLA and scooping up a hefty stake in Palantir Technologies IncPLTR.

　　The Tesla Trade

　　Ark Invest reduced its stake in Tesla across two of its ETFs — ARK Innovation ETFARKK and ARK Next Generation Internet ETFARKW. The firm sold 56,425 and 6,442 shares respectively, the transaction was valued at $14.54 million. On Tuesday, Tesla shares closed 10.2% higher at $231.26, driven higher by the second-quarter delivery report of the company. The numbers came ahead of the consensus estimate.

　　This move comes despite Woods previous statements, where she referred to the Elon Musk-led automaker as the “biggest AI project” in the world and predicted the stock to reach $2,000 per share in the coming years.

　　As recently as June, Ark Invest set a new price target for Tesla at $2,600 for 2029, heavily revolving around the companys autonomous vehicle ambitions.

　　The Palantir Trade

　　On the same day, Ark Invest, through its ARK Autonomous Technology & Robotics ETFARKQ, purchased 37,053 shares of Palantir worth $957,078.

　　This investment comes as the AI sector gains momentum, with Palantir being described as the “Messi of AI,” and “probably the most underestimated AI play, maybe tech play, in the market today” by Dan Ives, the managing director at Wedbush.

　　Notably, Ark Invest picked up Palantir shares worth $5.16 million just a day earlier.

　　Other Key Trades:

Ark Invest sold shares of Teladoc Health IncTDOC from its ARKF ETF.
The firm also sold shares of Twist Bioscience CorpTWST from its ARKG ETF.
Ark Invest bought shares of Recursion Pharmaceuticals IncRXRX and shares of Intellia Therapeutics IncNTLA for its ARKG ETF.

　　This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal

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