Cathie Wood Sells $2M Worth Tesla Stock Amid Its Rebound Ahead Of EV Maker's Q3 Results
Portfolio Pulse from Shanthi Rexaline
Cathie Wood's Ark Invest sold 7,759 shares of Tesla (TSLA) on Monday, valued at $1.97 million. This comes amid Tesla's rebound ahead of its Q3 results. Despite Tesla's recent gains, the stock is still trading below its year's intra-day high of $299.29. Ark has been selling Tesla shares since mid-June, despite remaining bullish about the company's prospects. Tesla is set to report its Q3 results on Wednesday.
October 17, 2023 | 12:37 pm
News sentiment analysis
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NEGATIVE IMPACT
Tesla's stock is being sold by Ark Invest, despite a recent rebound. The stock is still trading below its year's intra-day high, and there are concerns about the impact of price cuts on margins.
The sale of Tesla shares by a major investor like Ark could negatively impact investor sentiment, especially given concerns about the impact of price cuts on margins. This could put downward pressure on Tesla's stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Ark Innovation ETF (ARKK) sold Tesla shares worth $1.97 million. Despite the sale, Ark remains bullish on Tesla's prospects.
Ark's sale of Tesla shares indicates a potential shift in their investment strategy, despite their stated bullish stance on Tesla. This could impact investor sentiment towards ARKK, but the overall impact is uncertain without more information.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80