On Friday, Ark Invest, led by Cathie Wood, sold 26,932 shares of Tesla Inc for an estimated $30.62 million, according to the company's filings. Following the company's recent entry into the $1 trillion market capitalization club, the stock's price has continued to rise, providing Ark Invest with an opportunity to book additional profits in the stock.
Tesla shares, which have gained approximately 55.8 percent so far this year, closed Friday's trading session at $1,137.06 per share, a 3.71 percent increase from the previous day's close.
Having experienced months of sluggish performance, Ark Invest, a St. Petersburg, Florida-based investment firm, has been booking profits in Tesla stock since early September, when the stock of the Elon Musk-led company began to rise following months of sluggish performance.
Since the beginning of September, the well-known money management firm has sold approximately $2 billion worth of Tesla stock, including the most recent transaction.
Tesla continues to be Ark Invest's most valuable investment across all of its exchange-traded funds (ETFs), with the company predicting that the stock will reach $3,000 by the end of the year 2025.
Ark Invest sold Tesla shares through the Ark Innovation ETF ARKK and the Ark Next Generation Internet ETF ARKW on Friday, according to the company's website. The Ark Autonomous Technology & Robotics ETF ARKQ, which invests in autonomous technology and robotics, also owns shares in Tesla.
Before Friday's trading, the three exchange-traded funds (ETFs) held a combined total of 2.78 million shares of Tesla, valued at $3.16 billion at the time of the transaction.
Here are a few other notable trades for Ark that occurred on Friday:
Sells an estimated $19.89 million worth of Coinbase Global Holdings stock, which closed 2.78 percent lower at $332.55 per share on Friday. Coinbase Global Holdings stock closed 2.78 percent lower at $332.55 per share on Friday.
According to estimates, bought 205,025 shares in Roku Inc, whose stock closed 0.74 percent lower at $234.10 per share, for an estimated total value of $47.99 million.
