Cathie Wood Booked Profit On Some Tesla Holdings Ahead Of Stock's Post-Earnings 11% Plunge — Here's How Much Ark Sold This Week
Portfolio Pulse from Shanthi Rexaline
Ark Invest, managed by Cathie Wood, sold its Tesla holdings twice this week through its Ark Innovation ETF (ARKK) and Ark Next Generation Internet ETF (ARKW). The firm sold a total of 73,843 shares valued at $21.8 million. The sales were made ahead of Tesla's earnings release, after which the stock plunged by 11%.
July 22, 2023 | 12:29 pm
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NEGATIVE IMPACT
Tesla's stock price plunged by 11% following its earnings release. Ark Invest's sale of Tesla shares ahead of the release may have been a strategic move.
The sale of Tesla shares by Ark Invest ahead of the earnings release suggests that the firm anticipated a drop in the stock's price. This was confirmed when Tesla's stock plunged by 11% following the release.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Ark Innovation ETF sold part of its Tesla holdings ahead of the latter's earnings release. This may have mitigated potential losses from the subsequent drop in Tesla's stock price.
Ark Innovation ETF's sale of Tesla shares ahead of the earnings release may have been a strategic move to avoid potential losses from the subsequent drop in Tesla's stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ark Next Generation Internet ETF sold part of its Tesla holdings ahead of the latter's earnings release. This may have mitigated potential losses from the subsequent drop in Tesla's stock price.
Ark Next Generation Internet ETF's sale of Tesla shares ahead of the earnings release may have been a strategic move to avoid potential losses from the subsequent drop in Tesla's stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80