The logo of trading application Robinhood on a mobile phone
AFP via Getty ImagesCathie Wood’s ARK has sold more of its stake in Tesla , and snapped up shares in online broker Robinhood Markets , an email update from the investment management firm showed.
ARK’s flagship fund, the ARK Innovation ETF (ARKK) ditched 56,975 shares, worth an estimated $63.5 million, in Elon Musk’s electric-vehicle giant. ARK funds sold a tranche last month worth more than $200 million. Wood had indicated in September that she would be willing to sell down her flagship fund’s stake in Tesla (ticker: TSLA), according to reports.
ARKK produced total returns of 152% last year, but is down 13.43% year to date according to FactSet. Tesla makes up 10.28% of the fund, its biggest holding.
Read this: Cathie Wood Is Testing ‘ARK on Steroids.’ She Wants to Bet Against Disruption’s Victims.
Tesla’s shares climbed 0.6% Wednesday to $1,116. The New York Stock Exchange and the Nasdaq are both closed Thursday for Thanksgiving.
The ARK daily disclosure for Wednesday also revealed the firm has bought 233,353 shares in Robinhood Markets (HOOD), worth an estimated $6.5 million through the Ark Fintech Innovation ETF (ARKF). It appeared to be buying the dip as before climbing 1.2% Wednesday, Robinhood stock, had fallen for seven straight days.
Two funds ARKK, and ARK Genomic Revolution ETF (ARKG) bought a combined 237,754 shares in Exact Sciences (EXAS), whose main product is Cologuard, a stool-based diagnostic test for colon cancer. The value of the purchase was $20.9 million – the stock rose 3.6% on Wednesday.
Wood’s ARK Invest didn’t respond to requests for comment.
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Cathie Wood’s ARK Funds Bought Robinhood and Exact Sciences, Sold Tesla. - Barron's
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