Ark Investment Management sold a chunk of its Tesla stock holdings on Monday as the electric vehicle company ended trading at a gain for 12 straight days, Investors Business Daily reported.
Ark Investment Management sold over 393,000 shares for about $98.2 million, based on Tesla’s closing price of $249.83 a share.
As of Tuesday, Tesla stock was still the top holding for Ark Investment, with a weight of 11.86 percent in Ark Innovation EFT, 8.48 percent in Ark Next Generation Internet ETF, and 15.44 percent in Ark Autonomous Technology & Robotics ETF.
During market trade on Tuesday, Tesla’s stock jumped 3.5 percent to $258.56 a share, marking the thirteenth consecutive day the company closed with a gain.
On Monday, shares increased 2.2 percent to $249.83. Before the start of market trade on Tuesday, Telsa stock was up 131 percent this year, but still down about 40 percent from its November 2021 all-time high of 414.
Ark CEO Cathie Wood has been buying Tesla at low share prices throughout the year before selling at a high on Monday.
Wood spent approximately $29 million on over 190,000 Tesla shares on April 26 after the shares dropped 4.3 percent following a downgrade. Wood had already purchased over $40 million in Tesla shares on April 20 when the value dropped almost 10 percent following the release of Tesla’s First Quarter earnings report.
In early March, Ark Investment groups purchased $12.62 million in Tesla shares as the stock slipped 3 percent. Likewise, in early January, Ark purchased $19 million in Tesla stock after the shares fell over 12 percent. Three days after the purchase, Twitter’s stock plummeted to $101.81 a share.
So far this year, Ark purchased over 1.3 million shares in Tesla and sold 660,000.
In late April, Ark predicted that Tesla’s share price will reach $2,000 in 2027.