Cathie Wood Continues Tesla Sell-Off Streak: Ark Dumps $8.4M Worth of EV Maker's Stock Despite AI Bullishness
Portfolio Pulse from Benzinga Neuro
Ark Invest, led by Cathie Wood, has continued to sell Tesla Inc shares for the second consecutive day, with the most significant trade involving the sale of 28,659 Tesla shares valued at $8.4 million. The firm sold shares through the Ark Innovation Fund and the Ark Next Generation Internet ETF. Despite this, Ark Invest remains bullish on Tesla's long-term prospects, particularly in AI. Other trades included the purchase of shares in Twilio Inc, AvidXchange Holdings Inc, and SoFi Technologies Inc, and the sale of Coinbase Global Inc shares.
July 19, 2023 | 1:21 am
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NEGATIVE IMPACT
Ark Invest sold Coinbase shares.
The sale of Coinbase shares by Ark Invest could potentially lead to a short-term decrease in Coinbase's stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Ark Invest continues to sell Tesla shares despite bullish long-term prospects.
The continued sale of Tesla shares by Ark Invest could potentially lead to a short-term decrease in Tesla's stock price. However, Ark Invest's bullish stance on Tesla's long-term prospects indicates confidence in the company's future performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Ark Innovation Fund sold Tesla shares and bought Twilio and AvidXchange shares.
The fund's actions indicate a rebalancing of its portfolio, which could impact the short-term stock prices of the involved companies.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Ark Next Generation Internet ETF sold Tesla and Coinbase shares.
The fund's actions indicate a rebalancing of its portfolio, which could impact the short-term stock prices of the involved companies.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ark Fintech Innovation ETF bought AvidXchange shares.
The purchase of AvidXchange shares by the fund could potentially lead to a short-term increase in AvidXchange's stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ark Fintech Innovation ETF bought SoFi Technologies shares.
The purchase of SoFi Technologies shares by the fund could potentially lead to a short-term increase in SoFi Technologies' stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ark Fintech Innovation ETF bought Twilio shares.
The purchase of Twilio shares by the fund could potentially lead to a short-term increase in Twilio's stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80