Cathie Wood Offloads More Of Tesla As Stock Bulldozes Its Way Toward $300 Mark
Portfolio Pulse from Shanthi Rexaline
Ark Invest, managed by Cathie Wood, has continued to sell Tesla shares through its Ark Next Generation Internet ETF (ARKW), despite the stock's upward trajectory. The firm sold 28,267 shares of Tesla, fetching $7.99 million. However, Ark's ETFs have been a net buyer of Tesla this year. Tesla recently reported strong Q2 deliveries and analysts are optimistic about the upcoming launch of the Cybertruck.
July 06, 2023 | 2:13 am
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NEUTRAL IMPACT
Ark Invest has been selling Tesla shares through its Ark Next Generation Internet ETF (ARKW), but remains a net buyer of Tesla this year.
Ark Invest's selling of Tesla shares through its ARKW ETF could indicate a strategy to take profits during the stock's upward trajectory. However, as the firm remains a net buyer of Tesla this year, the overall impact on the ETF is likely neutral.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Despite Ark Invest selling off Tesla shares, the company's strong Q2 deliveries and the upcoming Cybertruck launch keep the stock's outlook positive.
Tesla's strong Q2 deliveries and the anticipation of the Cybertruck launch are positive indicators for the stock. Despite Ark Invest's sell-off, these factors are likely to keep the stock's outlook positive.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100