Cathie Wood and her Ark Invest firm sold $30 million in Tesla stock last week, with the bulk coming Wednesday as TSLA led the S&P 500 index, powering above a key level.
Cathie Wood's Ark Investment Management sold 97,599 Tesla shares for around $25.5 million Wednesday, based on Tesla stock's closing price of 261.16, according to the company's daily trade disclosure. On Thursday, Wood then sold a modest 107 TSLA shares for around $27,825, based on the 260.05 price at the close. Wood finished off the week on Friday by unloaded 16,617 shares for around $4.33 million.
Wood's Tesla trades were done through the ARK Innovation ETF, ARK Next Generation Internet ETF and ARK Autonomous Tech ETF. TSLA is the top holding in Cathie Wood's ARKK, with an 10.63% weight. In ARKQ, Tesla is also the top stock with an 14.38% weight. Meanwhile, in ARKW, Tesla sits fourth with a 6.44% weight.
Tesla stock pared early losses, closing down 0.3% to 259.62 Monday during market action. On Friday, shares angled up 0.18% to 260.53. On the week, TSLA gained more than 4%.
On Thursday night, the global EV giant chopped U.S. Model 3 and Model Y prices, reducing the base Model 3 RWD price by $1,250 to $38,990 and the Model Y Long Range by $2,000 to $48,490.
With Tesla bulls betting on a fourth-quarter rebound in deliveries with the revamped Model 3 in China and the expected Cybertruck delivery launch, Tesla stock surged 5.9% to 261.16 on Wednesday.
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Cathie Wood: Tesla Stock Performance
Last week, Tesla stock popped 4.1% to 260.53. On Wednesday, shares jumped 5.9%, surging above the 50-day line and offering an early entry. Shares fell back Friday morning to the 50-day line, but rebounded for a slight gain.
Tesla stock currently resides in a cup-with-handle base, with a 278.98 buy point, according to MarketSmith. A move above Thursday's intraday high of 263.20 could offer a new early entry from breaking a downtrend in the handle.
Analysts also maintain that the United Auto Workers strike against Ford, General Motors and Stellantis is good news for Tesla, a nonunion shop.
Cathie Wood began in September selling Tesla stock again after taking nearly a month off from touching her TSLA holdings. Wood has been locking in profit on Tesla stock since mid-June and the total number of shares sold since June 12, including last week's sales, amounts to more than 1 million.
Tesla stock ranks fourth in the 35-stock IBD Automaker industry group. The S&P 500 component has a 96 Composite Rating out of a best-possible 99. The Cathie Wood-backed stock has an 96 Relative Strength Rating and its EPS Rating is 93.
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