Cathie Woods ARK has sold more of its stake in
Tesla, and snatched shares in online broker
Robinhood markets, showed an email update from the investment management firm.
ARK’s flagship fund, ARK Innovation ETF (ARKK) dropped 56,975 shares, valued at an estimated $ 63.5 million, in Elon Musk’s electric car giant. ARK funds sold a tranche last month worth more than $ 200 million. Wood had indicated in September that she would be willing to sell down her flagship fund’s stake in Tesla (ticker: TSLA), according to reports.
ARKK delivered a total return of 152% last year, but has fallen by 13.43% year to date according to FactSet. Tesla makes up 10.28% of the fund, its largest holding.
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Tesla’s shares rose 0.6% to $ 1,116 on Wednesday. The New York Stock Exchange and Nasdaq are both closed Thursday due to Thanksgiving.
ARK’s daily announcement for Wednesday also revealed that the company has bought 233,353 shares in
Robinhood markets (HOOD), valued at an estimated $ 6.5 million through
Ark Fintech Innovation ETF
(ARKF). It appeared to buy the dive, which before climbing 1.2% on Wednesday, Robinhood stock had fallen for seven days in a row.
Two funds ARKK, and
ARK Genomic Revolution ETF
(ARKG) bought a total of 237,754 shares in
Accurate sciences (EXAS), whose main product is Cologuard, a stool-based diagnostic test for colon cancer. The value of the purchase was $ 20.9 million – the stock rose 3.6% on Wednesday.
Woods ARK Invest did not respond to requests for comment.