Tesla bull ARK offloads more than 139,000 shares

Tesla (NASDAQ: TSLA) bull ARK Invest offloaded more than 139,000 shares of the automaker’s stock on Thursday evening worth nearly $27 million based on the stock’s closing price.

ARK’s nightly Trading Desk update shows that the firm sold 119,630 shares of Tesla stock from its ARKK, or Innovation, ETF, while the ARKW, or Next Generation Internet, fund is now 20,012 shares lighter.

The sale is worth roughly $26.84 million, which is calculated through Tesla stock’s closing price yesterday of $192.22.

The shares were offloaded as ARK loaded up on other stocks that are currently in a downturn.

ARKK added 275,544 shares of Block Inc., 230,599 shares of Coinbase, and 150,066 shares of Teladoc Inc. These three holdings were also added to ARKW, with 45,013 shares of Block Inc., 38,329 of Coinbase, and 25,308 of Teladoc being bought yesterday.

Tesla still remains the largest holding in the ARKK ETF, maintaining just over 10.5 percent of the fund. Tesla is the fourth-largest holding in the ARKW fund, accounting for 6.89 percent.

The sizeable sale of Tesla stock in these funds follows several months of buying from ARK. January saw several days of buying sprees. The buying basically stopped throughout the rest of January and all of February, before the firm started buying once again in early and mid-March.

ARK has been one of Tesla’s biggest bulls in terms of Wall Street firms, pushing a narrative that supports the automaker’s prowess as the leader in EVs, as well as its potential as a major player in the autonomous vehicle sector moving forward.

Tesla stock could see major gains in the coming years, according to the firm’s leader, Cathie Wood who has stated that ARK is more optimistic about the company now than it has ever been.

Wood believes Tesla has a unique advantage to be more aggressive than other companies. “Tesla will be very aggressive on pricing. Tesla can afford it,” she said. “It has the lowest cost structure and, in our opinion, is the most aggressively innovative. The other automakers will compete. They have to follow those price drops, but it will hurt them from a margin quite significant from a profitability standpoint.”

Disclosure: Joey Klender is a TSLA Shareholder.

I’d love to hear from you! If you have any comments, concerns, or questions, please email me at joey@teslarati.com. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

Joey Klender: Joey has been a journalist covering electric mobility at TESLARATI since August 2019. In his time at TESLARATI, Joey has broken several big stories, including the first images of the Tesla Model S Plaid, the imminent release of the 4680 Model Y through EPA certification, and several expansions to the Lucid AMP-1 factory in Arizona, to name a few. His stories have been featured in several publications, including Yahoo! Finance, Fox News, CNET, and Seeking Alpha. In his spare time, Joey is playing golf, watching MMA, or cheering on any of his favorite sports teams, including the Baltimore Ravens and Orioles, Miami Heat, Washington Capitals, and Penn State Nittany Lions. You can get in touch with joey at joey@teslarati.com. He is also on Twitter @KlenderJoey.
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