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.
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