Cathie Wood Just Sold $14 Million More in Tesla Stock. Here's Which Artificial Intelligence (AI) Stock She Bought Instead
Cathie Wood's Ark Innovation (NYSEMKT: ARKK) ETF is constantly tweaking the holdings in its stock portfolio. That's been a profitable strategy in 2023 as the fund, with a net asset value of $8 billion, has generated returns of 40% so far this year.
On Thursday, the fund sold 54,847 shares of electric vehicle leader (NASDAQ: TSLA) -- valued at $14 million -- using more than $10 million of the proceeds to buy artificial intelligence (AI) specialist Palantir Technologies (NYSE: PLTR).
This continues a selling streak that began earlier this year, bringing the total number of Tesla shares sold to 739,637 since late April -- the last time the Ark Innovation fund bought shares of Tesla.
Source Fool.com
Tesla Inc Stock
Our community is currently high on Tesla Inc with 76 Buy predictions and 27 Sell predictions.
With a target price of 247 € there is a positive potential of 26.84% for Tesla Inc compared to the current price of 194.74 €.