Cathie Wood's Back-to-Back Tesla Stock Sale This Week: Why Is Ark Going Against The Grain Of Selling Into Weakness?
Portfolio Pulse from Shanthi Rexaline
Cathie Wood's Ark Invest has sold Tesla shares for the second consecutive day, with a total of 31,749 shares sold on Friday through its Ark Innovation ETF (ARKK) and Ark Autonomous Technology & Robotics ETF (ARKQ). The sale fetched Ark $7.7 million. This follows a sale of 76,425 Tesla shares on Thursday, bringing the total value of Tesla shares sold this week to $26.45 million. Despite the sales, Tesla remains the top holding in most of Ark's ETFs.
August 12, 2023 | 6:40 pm
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NEGATIVE IMPACT
The Ark Innovation ETF (ARKK) has sold a significant number of Tesla shares. This could potentially impact the ETF's performance in the short term.
The sale of a significant number of shares in one of its top holdings could potentially impact the performance of the Ark Innovation ETF (ARKK) in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
The Ark Autonomous Technology & Robotics ETF (ARKQ) has sold a significant number of Tesla shares. This could potentially impact the ETF's performance in the short term.
The sale of a significant number of shares in one of its top holdings could potentially impact the performance of the Ark Autonomous Technology & Robotics ETF (ARKQ) in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Ark Invest's continued sale of Tesla shares could potentially impact the stock's price in the short term. However, Tesla remains a top holding in most of Ark's ETFs, indicating continued confidence in the company.
The sale of a significant number of shares by a major investor like Ark Invest could potentially lead to a decrease in Tesla's stock price in the short term. However, the fact that Tesla remains a top holding in most of Ark's ETFs suggests that Ark still has confidence in Tesla's long-term prospects.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100