Arch Invest, led by Cathie Wood , invested about $6.3 million in Tesla Inc. amid Tesla's recovery ahead of Tesla's third-quarter results. (NASDAQ: TSLA) made headlines on Wednesday when the stock sold off.
Tesla Trading
Arc Invest sold 25,908 shares of the Elon Musk -led automaker as it continues to sell shares of Tesla. The sale by ARK's flagship ETF, ARK Innovations (NYSE:ARKK), valued Tesla at $6.29 million, based on Wednesday's closing price of $242.68. It is worth noting that Tesla continues to round out ARKK's top holdings and at the time of publication has a 9.97% stake in the ETF.
The sale follows Tesla's third-quarter earnings report, in which the electric vehicle giant reported revenue of $23.35 billion, missing consensus estimates. The company attributed the change in revenue to growth in vehicle deliveries and other business lines, which were negatively impacted by lower average selling prices and currency risks.
Tesla's third-quarter earnings highlights include earnings per share and the planned November 2023 launch of the Cybertruck.
Read also: Is Cathie Wood the next Warren Buffett? Apple and Tesla are determining their investment strategy.
Other important transactions:
- Ark Invest bought 136,790 shares of RKU Inc (NASDAQ:ROKU), increasing its stake and signaling confidence in the growth potential of ARKK, ARK Next Generation Internet ETF (NYSE:ARKW) and Ark FinTech Innovation ETF (NYSE:ARKW) in streaming. Platform. from ARKF).
- The company acquired significant stakes in 10X Genomics Inc (NASDAQ: TXG) and Intellia Therapeutics Inc (NASDAQ: NTLA), demonstrating strong confidence in the potential of the biotech sector.
- In connection with the sale, in addition to Tesla, Ark Invest also sold 223,652 shares of Shopify Inc (NYSE:SHOP) as part of its portfolio rebalancing strategy.
These transactions reflect Arc Invest's flexible approach to ETF management, reshaping its assets to facilitate further growth and innovation. Wood's confidence in Tesla, underscored by the company's vision for robotics and autonomous driving, expects higher revenues and higher profits for the energy maker.
Image: Unsplash and YouTube
Read more: Exclusive. Arc's investment in Nivea was $5, Cathie Wood told Benzinga .
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