“Ark Invest Continues Tesla Share Selling Spree Despite Positive Growth Projections”
- Shams Ul Zoha
- July 19, 2023
- 12:32 pm
WHAT YOU SHOULD KNOW
- Ark Invest sold 28,659 Tesla shares valued at $8.4 million despite the electric vehicle maker’s strong stock performance and positive growth outlook.
- The investment firm remains optimistic about Tesla’s long-term prospects in AI and autonomous driving, predicting significant growth in its AI training capacity.
- Ark Invest’s strategy involves investing in innovative companies like Twilio and AvidXchange, while also making adjustments to its holdings based on market trends and company performance.
On Tuesday, Ark Invest, led by Cathie Wood, continued its trend of selling Tesla shares for the second day in a row. The investment firm sold a significant number of Tesla shares, totaling 28,659, despite the electric vehicle maker’s recent strong stock performance and positive growth projections. At Tuesday’s closing price of $293.34, the value of the trade amounted to $8.4 million. The sales were executed through Ark Invest’s Ark Innovation Fund (ARKK) and Ark Next Generation Internet ETF (ARKW).
Despite the selling spree, Ark Invest remains optimistic about Tesla’s long-term prospects, particularly in the realm of artificial intelligence (AI). Ark analyst Frank Downing predicted that Tesla’s AI training capacity would experience a compounded annual growth rate of 273% from 2021 to 2024, potentially positioning Tesla as the first company to roll out a nationwide autonomous taxi platform. This move comes after Tesla reported impressive second-quarter deliveries and analysts expressed confidence in further growth in the latter half of the year.
On Tuesday, Ark Invest, led by Cathie Wood, continued its trend of selling Tesla shares for the second day in a row. The investment firm sold a significant number of Tesla shares, totaling 28,659, despite the electric vehicle maker’s recent strong stock performance and positive growth projections. At Tuesday’s closing price of $293.34, the value of the trade amounted to $8.4 million. The sales were executed through Ark Invest’s Ark Innovation Fund (ARKK) and Ark Next Generation Internet ETF (ARKW).
Despite the selling spree, Ark Invest remains optimistic about Tesla’s long-term prospects, particularly in the realm of artificial intelligence (AI). Ark analyst Frank Downing predicted that Tesla’s AI training capacity would experience a compounded annual growth rate of 273% from 2021 to 2024, potentially positioning Tesla as the first company to roll out a nationwide autonomous taxi platform. This move comes after Tesla reported impressive second-quarter deliveries and analysts expressed confidence in further growth in the latter half of the year.
Alongside the Tesla trade, Ark Invest made other key trades in innovative companies. The firm bought shares of Twilio Inc through its Ark Fintech Innovation ETF (ARKF) and AvidXchange Holdings Inc. The Fintech Innovation fund also acquired shares of SoFi Technologies Inc. On the other hand, Ark Invest sold shares of Coinbase Global Inc through the Innovation Fund, the Fintech Fund, and the Next Generation Internet ETF, totaling nearly $5.5 million at Tuesday’s closing price of $104.59. These trades align with Ark Invest’s strategy of investing in innovative companies while making adjustments based on market trends and company performance.
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