Cathie Wood's Ark Sells $22M Worth Of Tesla Shares Following Blockbuster Q3 Rally
Portfolio Pulse from Benzinga Neuro
Cathie Wood's Ark Invest sold $22M worth of Tesla shares after a strong Q3 rally. Tesla's stock rose 21.9% following impressive earnings and a positive delivery outlook. Ark also traded shares of Vertex Pharmaceuticals, CRISPR Therapeutics, Intellia Therapeutics, Cerus Corp, and Teradyne.
October 25, 2024 | 2:37 am
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NEUTRAL IMPACT
ARKK ETF sold Tesla shares and bought shares of CRISPR Therapeutics and Intellia Therapeutics, indicating a shift in investment strategy.
The sale of Tesla shares and purchase of biotech stocks by ARKK suggests a reallocation of assets, but the impact on ARKK's price is neutral as it diversifies its portfolio.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
ARKQ ETF sold Tesla shares and bought shares of Teradyne, indicating a reallocation of investments.
The sale of Tesla shares and purchase of Teradyne by ARKQ suggests a strategic reallocation, but the overall impact on ARKQ's price is likely neutral.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Ark Invest sold $22M worth of Tesla shares after a 21.9% stock surge due to strong Q3 earnings and a positive delivery outlook.
The sale of Tesla shares by Ark Invest suggests a potential short-term price correction despite strong earnings and outlook, as profit-taking may occur after the stock's significant rally.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100