- Cathie Wood’s Ark Invest has now sold more than $260 million of Tesla stock in September.
- Still, Wood remains a staunch Tesla bull, with a price target roughly 300% above Wednesday’s close.
- Wood has previously said she likes to take profit on rising stocks, and buys the dip on sell-offs.
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Wood’s Ark Invest group sold 81,609 shares of the electric-car maker, worth around $62 million, on Wednesday, according to the company’s daily trade update. The superstar investor still has a price target for the stock roughly 300% above Wednesday’s close.
That takes total Tesla sales by Ark Invest’s exchange-traded funds to around $266 million in September, according to Bloomberg calculations.
Ark did not give a reason for the sales. Insider has contacted the company for comment.
Wood has previously said that she likes to take profit after a company’s stock has gained and to try to buy when they dip.
Wood explained her trading approach to CNBC last year. She said that when there’s hype around a stock, “we naturally just take profits because we know we’re going to get another opportunity associated with controversy to buy the stock lower.”
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Tesla’s share price has risen more than 22% over the last three months, and is currently near its highest level since April.
Wood is highly bullish on the Elon Musk-led company, which remains Ark Invest’s single biggest holding and made up 10.5% of the $26 billion Ark Innovation ETF as of Wednesday.
She told Yahoo Finance that she thinks the car maker is worth around $3,000, saying she’s pleased with its growing market share. Tesla closed at $755,83 on Wednesday.
However, Tesla has been caught up in the global supply-chain problems that are hitting businesses in the US and Europe as economies rapidly reopen.
Company CEO Musk tweeted early in September that “super crazy supply chain shortages” were delaying its new Roadster model until 2023.