Renowned investor Cathie Wood’s asset management firm, Ark Invest, continues to sell Tesla (TSLA) stock. According to ARK’s trading statement from Thursday, Wood’s ARK Innovation ETF (ARKK) offloaded 51,335 shares of Tesla, for a total value of about $21.81 million.
Stay Ahead of the Market:
- Discover outperforming stocks and invest smarter with Top Smart Score Stocks
- Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener
The sale reflects Wood’s intention to capitalize on the stock’s recent rally, especially after it hit an all-time high for the first time in three years on Wednesday. It’s worth noting that TSLA stock has risen over 68% year-to-date, with the majority of gains coming after Donald Trump’s re-election as U.S. president on November 5.
Here Are Wood’s Other Major Trades
As a result of this sale, Wood reallocated funds to other promising opportunities, such as Tempus AI (TEM), a company focused on artificial intelligence (AI)-driven precision medicine. The firm added 424,522 shares of Tempus to its ARKK and ARK Genomic Revolution ETF (ARKG) ETFs, totaling $18.34 million.
Also, Ark Invest purchased 5,080,595 shares of Archer Aviation (ACHR) through its ARKK fund, ARK Autonomous Technology & Robotics ETF (ARKQ), and ARK Space Exploration & Innovation ETF (ARKX). This investment follows Archer’s recent partnership with Anduril Industries to develop hybrid VTOL aircraft for defense applications.
Is Tesla a Buy, Sell, or Hold?
Though Tesla’s future prospects remain bright, intense competition in China and the expected removal of U.S. EV tax credits keep analysts on the sidelines.
On TipRanks, TSLA has a Hold consensus rating based on 12 Buys, 13 Holds, and nine Sells assigned in the last three months. At $267.79, the average Tesla price target implies a 36% downside potential.
