Cathie Wood's ARK Innovation ETF (ARKK) revealed that it sold 51,155 shares of Tesla Inc (NASDAQ:TSLA) on Wednesday, which would be valued at $13.88 million based on Wednesday’s closing price of $271.30.
Tesla, though, remains the ETF's largest holding with a weight of 11.38% as of September 14.
The sale marked the first Tesla trade Wood has made since August 15 when she sold 1,800 shares.
Since June 12, ARK has unloaded about 977,000 Tesla shares, with the electric vehicle (EV) maker’s stock price hitting a year-to-date high of more than $293 on July 18.
ARK Investment Management, however, is still bullish on the company’s prospects, predicting Tesla will reach a $2,000 per share price in 2027 and sales between $10.3 billion and $20.7 billion, Investor’s Business Daily reported.
Shares of Tesla have soared more than 150% year to date.
Contact Sean at sean@proactiveinvestors.com