Cathie Wood's Ark Sold $21M Worth Of Tesla Shares Last Week As EV Maker Prepares To Report Q3 Results
Portfolio Pulse from Shanthi Rexaline
Ark Invest, managed by Cathie Wood, sold Tesla shares worth $20.67 million last week through its Ark Innovation ETF. Despite the sale, Tesla remains ARK's top holding with a 10.46% weighting in the fund's portfolio. Tesla is set to report its Q3 results this week, with analysts expecting a decrease in earnings per share but a 10% increase in revenue year-over-year.
October 15, 2023 | 3:40 pm
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NEUTRAL IMPACT
Ark Innovation ETF sold Tesla shares worth $20.67 million. Despite the sale, Tesla remains the fund's top holding.
The sale of Tesla shares by Ark Innovation ETF could indicate a rebalancing of the fund's portfolio. However, as Tesla remains the fund's top holding, the impact on the ETF is likely to be neutral in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Ark Invest sold Tesla shares worth $20.67 million. Tesla is set to report its Q3 results, with expected decrease in earnings but increase in revenue.
The sale of a significant amount of Tesla shares by Ark Invest could potentially impact the stock's price negatively in the short term. Additionally, the upcoming Q3 results, with expected decrease in earnings, could further pressure the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100