Kathie Woods also sells Tesla …
A major investor in Tesla, Cathie Wood's ARK fund, is selling Tesla stock like there's no tomorrow. ARK sold $ 266 million worth of stock earlier this month, selling any stock at this point while maintaining a fixed price target of $ 3,000 on a $ 790 stock doesn't seem to make much sense.
But that's not all
Regardless, Wood went back to his old tricks this week, beating the Tesla stock bid yesterday, selling nearly $ 270 million in his favorite stock as his flagship ARKK fund fell 4.18% over the course of the day.
According to Bloomberg , sales of more than 340,000 shares would have "nullified the outflows from its growth-focused funds." Tesla remains about 11% in Wood's ARK Innovation ETF, the report notes. Wood has a habit of cutting the stakes when it goes above 10%, he said.
Overnight data showed that $ 297 million was withdrawn from the ARKK fund on Monday, marking its largest outflow since March of this year.
Over the past four days, over $ 660 million has been withdrawn from the fund.
“Our esteem for Tesla's success has risen. The main reason is their market share. Instead of declining from late 2017 to today, it has actually increased quite dramatically, ”Wood told Yahoo Finance a few days ago.
$ 3,000 marked the goal for its "base case" for Tesla, according to the Yahoo report.
When asked about selling some Teslas last year, Wood told CNBC it was "wise portfolio management" to cut some of your winners to invest in other companies.
Tesla is still Wood's largest stake.
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The article Even Kathie Woods sells Tesla… comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/anche-kathie-woods-vende-tesla/ on Thu, 30 Sep 2021 06:00:05 +0000.