Cathie Wood-led Ark Invest on Wednesday further trimmed some of its stake in Tesla Inc (NASDAQ:TSLA), booking profits as the stock continued to show signs of recovery after months of dull performance this year.
The popular asset management firm sold 81,609 shares — estimated to be worth $61.7 million — in the Elon Musk-led company on Wednesday, its fourth such trade in Tesla in September.
See Also: Cathie Wood Continues To Trim Tesla Stake, Selling Another $66M Worth Of Shares
With the latest sales, Ark Invest has trimmed a total of 354,181 shares — estimated to be worth about $267.7 million — in the Palo Alto, California-based company so far this month.
Tesla shares, which have risen about 6% since the beginning of this month, closed 1.52% higher at $755.83 a share on Wednesday. On a YTD basis, Tesla shares have risen about 3.57%.
Ark Invest deployed the Ark Next Generation Internet ETF (NYSE:ARKW) and the Ark Innovation ETF (NYSE:ARKK) to sell shares in Tesla. Ark Invest also owns shares in Tesla via the Ark Autonomous Technology & Robotics ETF (BATS:ARKQ).
The popular New York-based investment management firm has a large exposure in Tesla, a stock it predicts will hit the $3,000 mark at the end of 2025. Ark Invest has bought most of Tesla shares at far lower levels and Wood has said the firm isn’t hesitant in booking profits on portfolio companies when they run up too high and then buy back at lower prices once they retreat.
Tesla ranks as the top-most-holding in each of the three ETFs and Ark held a total of 4.21 million shares — worth $3.13 billion — in the electric vehicle company, ahead of Wednesday’s trades. No other Ark ETF owns shares in Tesla.
Here are some of the other key trades for Ark on Wednesday:
Bought 92,058 shares in Robinhood Markets Inc (NASDAQ:HOOD).
Bought 538,680 shares in UiPath Inc (NYSE:PATH).
Sold 62,840 shares in Iridium Communications Inc (NASDAQ:IRDM).