Cathie Wood’s Ark Invest cuts back on Tesla amid fierce rally, selling $21.8 million worth of stock — betting on the AI ​​healthcare company – ARK Genomic Revolution ETF (BATS:ARKG), ARK Innovation ETF (ARCA:ARKK)

Wednesday, Kathy Wood-Lead Ark Investment Significant transactions executed involved Tesla Inc. Tesla and Tempus Artificial Intelligence Company transmission electron microscope. The investment firm chose to sell a large chunk of Tesla stock while increasing its stake in Tempus Artificial Intelligence. The trades come amid noteworthy market volatility, including Tesla’s stock price hitting an all-time high.

Tesla Trading

this ARK Innovation ETF alke The fund sold 51,335 Tesla shares, worth about $21.8 million at the closing price of $424.77. The decision comes as Tesla shares hit an all-time high, driven by a surge following the 2024 presidential election. Analysts have been raising their price targets on the electric vehicle giant, causing the stock to hit a new 52-week high of $415. The stock’s performance was boosted by favorable market conditions, including expectations of a rate cut by the Federal Reserve.

MuskThanks to the stock’s impressive rebound, Tesla’s chief executive became the first person to have a net worth of more than $400 billion. The stock’s upward momentum is expected to continue as market analysts remain optimistic about its future prospects.

Tempus Artificial Intelligence Trading

In contrast to the Tesla trade, Ark Invest significantly increased its position in Tempus AI, purchasing 424,522 shares through it. ARK Genetic Revolution ETF arkg and alke funds. Based on the closing price of $43.19, the total value of the acquisition is approximately $18.3 million. Medical diagnostics company Tempus AI has been in the spotlight, in part due to strategic investments from major players such as Google and SoftBank.

Other major transactions:

• sell shares villaset co., ltd. from arkg Fund.Sell shares rocket lab corp. from ark Fund. Bought stocks symbol company through ark fund.

Image via Benzinga YouTube and Unsplash

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This story was generated using Benzinga Neuro and published by Sivdeep Dhaliwal