Cathie Wood-led Ark Investhas reduced its exposure in Tesla Inc, by an estimated $300 million so far in September as the popular investment management firm further sold shares in the electric vehicle maker on Thursday.
The New York-based Ark Invest sold 41,457 shares — estimated to be worth about $31.4 million — in Tesla stock, which closed 0.15% higher at $756.99 per share on Thursday.
Shares of the company have risen 2.9% so far this month and about 3.7% since the beginning of the year.
Wood, who is a dedicated Tesla bull, sold shares in the Palo Alto, California-based company via the Ark Innovation ETF
ARKK on Thursday. Two other ETFs — the Ark Next Generation Internet ETF and the ArkAutonomous Technology & Robotics ETF(BATS:ARKQ) — own shares in Tesla.
The three ETFs held a total of about 4.14 million shares — worth $3.12 billion — in the electric vehicle company, ahead of Thursday’s trades.
With the latest sales, Ark Invest has trimmed a total of 395,638 shares — estimated to be worth about $299.1 million — in Tesla so far this month.
The popular investment management firm has a large exposure in Tesla, a stock it predicts will hit the$3,000 mark at the end of 2025.
Ark Invest hasn't yet provided any context around the recent selling in Tesla. Wood’s firm bought most of Tesla shares at far lower levels and the money manager has said the firm isn't hesitant in booking profits on portfolio companies when they run up too high and then buy back at lower prices once they retreat.