Cathie Wood Offloads Whopping $47M Of Tesla Last Week Amid Stock's Lean Run And Doubles Down On This AI Stock By Benzinga

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Cathie Wood Offloads Whopping $47M Of Tesla Last Week Amid Stock's Lean Run And Doubles Down On This AI Stock

Published Sep 24, 2023 15:55 Updated Sep 24, 2023 17:10

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Cathie Wood Offloads Whopping $47M Of Tesla Last Week Amid Stock's Lean Run And Doubles Down On This AI Stock

Benzinga - by Shanthi Rexaline, Benzinga Editor.

Cathie Wood was on a Tesla, Inc. (NASDAQ:TSLA) selling spree in the past week but did add a few stocks to her portfolio of actively managed exchange-traded funds.

Tesla Remains A Sell: Ark through its flagship Ark Innovation ETF (NYSE:ARKK) and Ark Next Generation Internet ETF (NYSE:ARKW) sold 171,617 shares of Tesla this week over three sessions.

The details of the transaction are as follows:

Tuesday: 77,170 shares worth $20.57 million
Wednesday: 39,600 shares worth $10.40 million
Thursday: 62,367 shares worth $15.95 million

The cumulative value of Tesla stock Ark sold last week is $46.92 million. The disposal assumes importance, as the stock has been stuck in a range amid worries concerning a potential miss on third-quarter deliveries and worries over near-term margins.

Stung by fundamental concerns and across-the-market weakness as a result of the Fed's hawkish message, Tesla fell 10.76% in the past week before settling at $244.88, the lowest level since Aug. 28. Until the company releases its third-quarter deliveries — which will likely be next Sunday or the week that follows it — the stock could tread water.

Palantir Stake Boosted: Ark, which has bet on disruptive innovation, increased its Palantir Technologies, Inc. (NYSE:PLTR) holdings in the week ending on Sept. 22. Wood and her firm are big believers in artificial intelligence and its disruptive potential, and have been high on companies that are attractively valued based on their AI potential.

Ark's ARKK, ARKW and Ark Fintech Innovation ETF (NYSE:ARKF) bought 1.03 milion shares of Palantir on Thursday, which were valued at $14.43 million.

Data analytics company Palantir has polarized the analyst community, with some questioning its AI opportunity, while others such as Wedbush analyst Daniel Ives calling the company the "Messi of AI."

ARKK ended Friday's session down 1.82% at $38.82, according to Benzinga Pro data.

Read Next: Is Palantir Still Working With Starlink Despite Elon Musk’s Pro-Putin Stance? Here’s What Alex Karp Says.

Photo: Shutterstock

Read the original article on Benzinga

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