Tesla stock sale at ARK continues with another 130,000 shares sold

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The Tesla (NASDAQ: TSLA) at ARK Invest has continued as the firm sold more than 130,000 shares on Friday, just one day after 139,000 shares were offloaded by the automaker’s biggest bull.

ARK’s Daily Trading Desk updates revealed the ARKK fund eliminated 119,151 shares of Tesla stock, while the ARKW ETF sold 11,547 shares. The sale saw 130,698 shares leave the two ARK ETFs.

On Thursday, ARK made similar moves by selling more than 139,000 shares, including over 119,000 shares from ARKK and more than 20,000 shares from 20,000.

The sale marks the second time in the past few days that ARK has offloaded so many shares of what the firm has held such a high regard for. It is important to note that the sale on Friday only accounted for 0.3 percent of the ARKK ETF’s Tesla holdings, while the ARKW sale was 0.18 percent of its holdings.

Tesla still remains the largest holding in the ARKK ETF, while the automaker’s shares are the fourth-largest in ARKW.

Many wonder what the reasoning for ARK’s offloading of Tesla shares this week might have been caused by. On both days that ARK has sold this many shares, it has also bought hundreds of thousands of shares of Block, Inc., Coinbase, and on Thursday only, Teladoc Inc.

It is not necessarily an indication that ARK is not interested in holding as much Tesla as it did previously or that the firm’s thesis on the automaker has changed.

In January, ARK reiterated its support for Tesla and highlighted the company’s potential moving forward as an automaker, energy company, and through the development of autonomous vehicles. These comments were made after the firm loaded up on Tesla shares in the ARKK and ARKW ETFs.

Disclosure: Joey Klender is a TSLA Shareholder.

I’d love to hear from you! If you have any comments, concerns, or questions, please email me at joey@teslarati.com. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

Tesla stock sale at ARK continues with another 130,000 shares sold

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Tesla bull ARK offloads more than 139,000 shares

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Tesla (NASDAQ: TSLA) bull ARK Invest offloaded more than 139,000 shares of the automaker’s stock on Thursday evening worth nearly $27 million based on the stock’s closing price.

ARK’s nightly Trading Desk update shows that the firm sold 119,630 shares of Tesla stock from its ARKK, or Innovation, ETF, while the ARKW, or Next Generation Internet, fund is now 20,012 shares lighter.

The sale is worth roughly $26.84 million, which is calculated through Tesla stock’s closing price yesterday of $192.22.

The shares were offloaded as ARK loaded up on other stocks that are currently in a downturn.

ARKK added 275,544 shares of Block Inc., 230,599 shares of Coinbase, and 150,066 shares of Teladoc Inc. These three holdings were also added to ARKW, with 45,013 shares of Block Inc., 38,329 of Coinbase, and 25,308 of Teladoc being bought yesterday.

Tesla still remains the largest holding in the ARKK ETF, maintaining just over 10.5 percent of the fund. Tesla is the fourth-largest holding in the ARKW fund, accounting for 6.89 percent.

The sizeable sale of Tesla stock in these funds follows several months of buying from ARK. January saw several days of buying sprees. The buying basically stopped throughout the rest of January and all of February, before the firm started buying once again in early and mid-March.

Tesla bull ARK makes big stock purchase, securing more than $12M

ARK has been one of Tesla’s biggest bulls in terms of Wall Street firms, pushing a narrative that supports the automaker’s prowess as the leader in EVs, as well as its potential as a major player in the autonomous vehicle sector moving forward.

Tesla stock could see major gains in the coming years, according to the firm’s leader, Cathie Wood who has stated that ARK is more optimistic about the company now than it has ever been.

Wood believes Tesla has a unique advantage to be more aggressive than other companies. “Tesla will be very aggressive on pricing. Tesla can afford it,” she said. “It has the lowest cost structure and, in our opinion, is the most aggressively innovative. The other automakers will compete. They have to follow those price drops, but it will hurt them from a margin quite significant from a profitability standpoint.”

Disclosure: Joey Klender is a TSLA Shareholder.

I’d love to hear from you! If you have any comments, concerns, or questions, please email me at joey@teslarati.com. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

Tesla bull ARK offloads more than 139,000 shares

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Tesla Model 3 secretly snagged by Hyundai for benchmarking

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Hyundai has been allegedly caught benchmarking a Tesla Model 3 by a Twitter user who rented the car out on Turo.

While Tesla is currently in a dominant position within the EV market of the United States, Hyundai hopes to change that in the coming years, and it has introduced a vast number of EVs to take on their American counterpart. Now, it has been discovered that Hyundai has benchmarked the Tesla Model 3 against the upcoming Hyundai Ioniq 6.

The strange saga of the snagged Tesla Model 3 has been outlined in a series of tweets from the Twitter account FSD & Chill. The user describes lending out the Tesla Model 3 through Turo and discovering that it has been taken for testing by a Hyundai employee.

The discovery became apparent when the Tesla owner received numerous notifications that the car’s doors had been left open for an extended time, leading him to look at the live cameras on each side of the vehicle, only to find that it had been placed in what looks like an office building with Hyundai posters on many of the walls.

After looking through the vehicle’s cameras, the Tesla owner allegedly talked with the person they loaned their vehicle to, leading to the discovery that they were a Hyundai employee and the Tesla was being used for benchmarking purposes.

Hyundai was not immediately available to comment to Teslarati regarding the alleged benchmarking, though the imagery from the Model 3’s cameras does seem quite damning.

The Tesla owner notes that the Model 3 was measured and used to compare seating arrangements and its self-driving capabilities against a Hyundai IONIQ 6 sedan, which is hitting U.S. showrooms later this year.

It should be noted that benchmarking is nothing new to the automotive industry and is a key part of how the industry works to improve year over year. As automakers learn from their competitors’ designs, they can learn what works and what doesn’t, as well as what customers really want. This means the market is filled with better consumer offerings and a more competitive market that constantly strives to offer the best.

What do you think of the article? Do you have any comments, questions, or concerns? Shoot me an email at william@teslarati.com. You can also reach me on Twitter @WilliamWritin. If you have news tips, email us at tips@teslarati.com!

Tesla Model 3 secretly snagged by Hyundai for benchmarking

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