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June 24, 2023 02:34 | 1 minute read
Cathie Wood’s Ark Invest unloaded more Tesla Inc. (NASDAQ:TSLA) stock on Friday, even as it amassed this crypto-related stock for a second straight day.
Tesla Selling Spree: Ark, through its Ark Innovation ETF (NYSE:ARKK) and its Ark Next Generation Internet ETF (NYSE:ARKW), has sold 27,841 Tesla shares. The sale would have earned the fund $7.14 million, based on the $256.60 the stock closed on Friday.
On Tuesday, Ark offloaded $8.67 million from Tesla as it pulled profits from the table after the stock surged.
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For the week, Ark’s cumulative Tesla sale was $15.81 million.
Tesla has been volatile in recent sessions after a strong rally took it to an intraday high of $276.99 on Wednesday. The stock has fallen to that high level since then. The drop was partly due to the stock’s back-to-back downgrades this week.
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See also: Everything you need to know about Tesla stock
Ark’s main disposals on Friday included:
Canadian e-commerce retailer Shopify Inc. (NYSE: SHOP): 78,676 shares worth $5.02 million Sportsbook company DraftKings Inc. (NASDAQ: DKNG): 122,556 shares worth $3 .07 million. ): 499,030 shares valued at $414,195
Top Buys: Ark bought more shares of Robinhood Markets Inc. (NASDAQ:HOOD) on Friday. Through ARKK, ARKW and ARK Fintech Innovation ETF (NYSE: ARKF), Ark purchased 1.07 million shares worth $10.18 million.
Friday’s trade marked Robinhood’s second consecutive day of buying, bringing the week’s total buys to $15.39 million.
Price action: Tesla closed Friday’s session down 3.03%, at $256.60, according to data from Benzinga Pro. ARKK ended the week at $42.14, down 1.24%.
Read next: Ark invests Cathie Wood is betting big on AI with these 4 stocks, including one that could skyrocket 750%
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