Cathie Wood, an ace hedge fund manager and an avid Tesla (TSLA) enthusiast, capitalized on the EV (electric vehicle) maker’s share price surge on Thursday. Wood’s ARK Invest sold Tesla shares worth $22.22 million from two of its ETFs, namely ARK Innovation ETF (ARKK) and ARK Autonomous Technology & Robotics ETF (ARKQ). ARK ETFs are required to disclose their daily trades as per regulation.
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In total, the two ARK ETFs sold 85,456 Tesla shares at the closing price of $260.48 on October 24. Following the latest trade, TSLA still maintains the numero uno spot on ARKK ETF, representing 15.13% of the total portfolio. ARKK’s current TSLA holding has a market value of $851.76 million. Similarly, Tesla is the number one holding on ARKQ ETF, with a 14.02% holding and $110.14 million value. The major holdings reflect Wood’s strong support for billionaire Elon Musk’s disruptive EV venture.
Tesla shares rallied 21.9% yesterday, following a surprisingly healthy Q3 FY24 earnings beat. Moreover, the company gave a robust vehicle delivery outlook for 2025, which seems to have impressed investors and analysts alike.
Is Tesla a Buy, Hold, or Sell?
Despite the robust financial performance in Q3 and upbeat vehicle delivery outlook for FY25, analysts prefer to remain on the sidelines on Tesla stock. Wall Street remains cautious of the near-term industry headwinds and volume and margin pressures on Tesla’s performance.
On TipRanks, TSLA stock has a Hold consensus rating based on 11 Buys, 16 Holds, and eight Sell ratings. Also, the average Tesla price target of $207.83 implies 20.2% downside potential from current levels. Year-to-date, TSLA shares have gained 4.8%.
ARK Invest’s Other Notable Trades
ARK Invest’s other notable trades from October 24 include the purchase of 132,546 additional shares of test equipment maker Teradyne (TER) and the addition of 95,330 shares of biotechnology firm Crispr Therapeutics (CRSP). At the same time, Wood sold shares of L3Harris Technology (LHX), Markforged Holding Corp (MKFG), and Vertex Pharmaceuticals (VRTX), among others.
