As the market rally stalled, Cathie Wood’s Ark Invest bought more of some of the fund manager’s favorite stocks. The firm, however, took more money off the table of its Tesla Inc. TSLA holdings amid the stock rally.
Trims Tesla: Ark, through its Ark Innovation ETF ARKK and Ark Next Generation Internet ETF ARKW, sold 73,113 Tesla shares. At Friday’s closing price of $260.54, the sale would have fetched Ark $19.05 million.
On Monday, the firm sold a whopping $98 million worth of Tesla shares. The firm’s cumulative sale of the electric vehicle maker’s stock this week totaled about $117 million.
Tesla, which started the year on a strong footing after a 65% slump in 2022, rose strongly till mid-February. A lackluster period followed until the end of April and the stock came back up strongly thereafter. The company’s multiple charging infrastructure partnerships with legacy automakers, the ongoing news flow on Cybertruck and the hopes of a Fed pause all served as catalysts that drove the stock higher.
Tesla was on a 13-session winning streak until Tuesday but pulled back over the next two sessions. On Friday, the stock resumed the rally and ended up 1.81% at $260.54, according to Benzinga Pro data.
Ark’s Major Buys: Ark bought several of its key portfolio stocks on Friday. Among the major purchases are:
- PagerDuty Inc. PD: 39,1824 shares, valued at $8.78 million
- Communications software provider Twilio Inc. TWLO: 124,212 shares, valued at $8.40 million
- Zoom Video Communications Inc. ZM: 53,958 shares, valued at $3.78 million
- Teladoc Health Inc. TDOC: 181,093 shares, valued at $4.50 million
Ark, meanwhile, sold 86,776 shares of Canadian e-commerce retailer Shopify Inc. SHOP, valued at $5.62 million.
Image and article originally from www.benzinga.com. Read the original article here.