Elon Musk's $690 Stock Price Optimism Aside, Cathie Wood's Ark Dumps $9 Million Worth Of Tesla Shares

Cathie Wood-led Ark Invest made notable trades on Wednesday, involving Tesla Inc. (NASDAQ:TSLA) and Coinbase Global Inc. (NASDAQ:COIN).

The Tesla Trade 

The trade saw Ark Invest selling 20,582 shares of Tesla Inc. through its ARK Innovation ETF (NYSE:ARKK). The sale was valued at approximately $9.06 million based on Tesla’s closing price of $440.13. Despite a recent price target increase to $515 by analysts, Tesla’s stock faced a decline of 7.02% on Wednesday. Analysts continue to view Tesla as a leading player in the electric vehicle sector, emphasizing its long-term potential despite short-term volatility.

Elon Musk, Tesla’s CEO, recently expressed optimism about the stock reaching $690 in the future, although no specific timeline was provided. This sentiment comes amidst a broader reassessment of the electric vehicle market, with Tesla maintaining its status as a top pick among industry analysts.

The Coinbase Trade 

Ark Invest sold 13,780 shares of Coinbase Global Inc. through the Ark Fintech Innovation ETF (NYSE:ARKF). This transaction was valued at approximately $3.85 million based on Coinbase’s closing price of $279.86. Coinbase has faced challenges recently, including a revenue miss in its third-quarter earnings report, which has pressured its stock performance.

This is the second day in running when Ark sold Coinbase stock, on Tuesday the Wood-led firm had unloaded $1.8 million worth of the stock. The sales come amid a frothy and volatile Bitcoin (CRYPTO: BTC) market.

Other Key Trades:

• Ark Invest bought shares of Futu Holdings Ltd through the ARKF ETF.
• Sold shares of Shopify Inc. via the ARKF ETF. It also sold shares of Ionis Pharmaceuticals Inc. using the ARKG ETF.
• Purchased shares of Tempus AI Inc. through the ARKK ETF.

Image via Ark Invest

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal