Cathie Wood-led Ark Investment Management lowered exposure to Tesla Inc (NASDAQ: TSLA) on Wednesday when its stock fell in regular trading hours and piled up more shares in the cryptocurrency-linked fintech Coinbase Global Inc (NASDAQ: COIN) on the dip.
The popular money managing firm sold 67,884 shares, estimated to be worth $66.3 million, in the Elon Musk-led electric vehicle company.
Tesla stock closed 4.96% lower at $977.2 on Wednesday but rose 5.5% in extended trading after quarterly results. Shares of the company are down 18.6% year-to-date.
St. Petersburg, Florida-based Ark Invest owns shares in Tesla through three of its six actively traded exchange funds, namely Ark Innovation ETF (NYSE: ARKK), Ark Autonomous Technology & Robotics ETF (BATS: ARKQ), and Ark Next Generation Internet ETF (NYSE: ARKW).
The three ETFs held about 1.47 million shares worth $1.50 billion in Tesla before Wednesday’s trade.
Ark Invest has been booking profit in the stock every now and then.
Last week, it assigned a wilder price target of $4,600 on Tesla by 2026, up from a prior estimate of $3,000 by 2025.
Tesla on Wednesday reported record first-quarter earnings and revealed plans to produce more than 1.5 million vehicles this year.
Ark, a known Bitcoin (CRYPTO: BTC) bull, also bought 167,810 shares worth $24.7 million in Coinbase.
Shares of the cryptocurrency exchange, which are down 41.4% year-to-date, closed 2.7% lower at $147 on Wednesday.
See Also: Tesla Bull Cathie Wood Shows Shifting Stance On GM After Months Of Dissing The Stock
The asset management firm has been piling up shares in Coinbase, which enables users to trade Bitcoin, Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE).
Ark Invest held 6.32 million shares of Coinbase, worth $957 million, before Wednesday’s trade via ARKK, ARK and Ark Fintech Innovation ETF (NYSE: ARKF).
Photo: Courtesy of Ark Invest
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