- Cathie Wood's Ark Investment Management continued its selling spree of Tesla shares.
- Three of her ETFs offloaded $270 million worth of Tesla stock Tuesday after the market close.
- But all three, as of Sept. 29, still have the electric vehicle company as the top holding at more than 10% each.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Cathie Wood's Ark Investment Management continued its selling spree of Tesla stock after the investment management firm offloaded $270 million worth of the electric-vehicle maker's shares Tuesday.
Three of Wood's exchange-traded funds – ARK Innovation (ARKK), ARK Autonomous Technology & Robotics (ARKQ), and ARK Next Generation Internet (ARKW) – cumulatively sold more than 340,000 Tesla shares Tuesday, according to its daily trading update.
All three funds, as of September 28's market close, still have Elon Musk's electric vehicle company as their top holdings at more than 10% each.
Wood, during Monday's close, also trimmed her Tesla stake. Her ARKW and ARKQ funds sold over 42,000 shares combined.
Her latest move follows a string of sales and is the biggest this month. On September 8, Ark sold a combined 142,708 Tesla shares, worth around $109 million at the time. A week later, Ark sold 81,609 shares worth around $62 million. And on September 17, another 14,362 shares worth $10.9 million were sold.
The star stock-picker has made it a habit to sell Tesla stock when the electric carmaker has either outperformed in a certain duration or has grown too much to her liking in her portfolio.
A surge in yields has battered high-growth technology names. A rise in global bond yields makes the returns on stocks look less attractive.
Still, Wood has recently predicted that the company's stock price will hit $3,000 by 2025 - a price target that requires the shares of the EV maker to rally an approximately 300% from its current level. But if shares reach that level next year, Wood said September 23 that she would sell her Tesla holdings.
Tesla stock was trading 1.2% higher at $786.89 as of 9:51 a.m. ET Wednesday. Shares have rallied 7.56% in September and gained around 8% year-to-date.
Wood, the founder and CEO of Ark Invest, shot to prominence in 2020 thanks to her blockbuster performance driven by bets into mega-growth stocks. Her ETFs last year have delivered eye-popping returns, with her flagship fund up more than 150% in 2020.