Cathie Wood Just Sold Off $14 Million of ARK's Largest Holding, Making Up More Than 11% of Its Portfolio
Cathie Wood's ARK Innovation ETF (NYSEMKT: ARKK) is always rebalancing its stock portfolio. The fund sold 51,155 shares of electric-vehicle veteran (NASDAQ: TSLA) on Wednesday, effectively moving $14 million from that stock to video game platform Roblox (NYSE: RBLX).
This sale extended a long-running streak to 13 consecutive trades where the fund reduced its Tesla ownership. ARK Innovation hasn't bought Tesla shares since April 26, siphoning a total of 729,582 shares out of its largest holding during that span.
Has Cathie Wood lost patience with Tesla, or is she simply turning some paper profits into solid cash? Let's take a look.
Source Fool.com
Tesla Inc Stock
€214.45
5.930%
Currently there is a rather positive sentiment for Tesla Inc with 74 Buy predictions and 28 Sell predictions.
As a result the target price of 248 € shows a slightly positive potential of 15.64% compared to the current price of 214.45 € for Tesla Inc.
