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After taking nearly a month off from touching Tesla (TSLA), Cathie Wood and her Ark Invest firm decided to sell more of their TSLA stock holdings Wednesday, unloading more than 50,000 shares. Tesla stock edged up Thursday.
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Cathie Wood’s Ark Investment Management sold 51,155 shares of Tesla Wednesday for about $13.88 million, based on TSLA’s closing price of 271.30, according to the company’s daily trade disclosure. This was the first Tesla trade Wood has made since Aug. 15 when she sold 1,800 shares.
Wood’s Wednesday Tesla trades were done through the ARK Innovation ETF (ARKK). TSLA is the top holding in the ETF, with a 11.38% weight.
Selling High On TSLA
Cathie Wood has been locking in profit on Tesla stock since mid-June and the total number of shares sold since June 12, including Wednesday’s sale, amounts to around 977,000.
Ahead of Tesla’s second-quarter earnings on July 19, Cathie Wood sold tranches of her firm’s Tesla stock holdings in consecutive sessions, unloading more than 73,000 shares. Following the EV company’s Q2 results, TSLA tumbled 9.7%, falling below the 21-day exponential moving average and giving up July gains.
Tesla stock then continued to fall in a three-week slide before recently recovering.
Despite Cathie Wood’s recent profit taking, she remains bullish on Tesla. ARK Investment Management predicts Tesla will reach a $2,000 per share price in 2027 and sales between $10.3 million and $20.7 million.
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Cathie Wood: Tesla Stock
Tesla stock has forged a new base with a proper buy point at 299.29, according to MarketSmith. Shares are up around 5% in September, following a surge on Monday.
TSLA stock hit resistance around its 50-day line in late August to early September. On Sept. 11, shares vaulted 10.1% as Morgan Stanley analyst Adam Jonas hiked his price target by 60% to 400, citing potential huge gains from Tesla’s Dojo supercomputing efforts.
That move pushed Tesla stock above its 50-day line and its Aug. 31 high of 261.18, an early entry for aggressive investors.
On Thursday, shares rose 1.8% to 276.10.
The stock ranks third in the 35-stock IBD automaker industry group. The S&P 500 component has a 96 Composite Rating out of 99. Shares have an 92 Relative Strength Rating and its EPS Rating is 93 out of 99.
Please follow Kit Norton on X, formerly known as Twitter, @KitNorton for more coverage.
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