After the big stock rally, shares of
box reported on Monday that it had sold 324,511 shares of
(code: TSLA), worth about $80 million, out of
(ARKK). Worth about 3 million USD
(TER) stock and worth $41 million
Meta . Platform
(META) shares went into the fund. ARK also sold Tesla and
The total number of Tesla shares sold from all funds amounted to approximately 393,000 shares worth nearly $100 million. ARK also sold about 20,000 shares of Nvidia (NVDA) worth about $8 million.
The sale is coming after the protests. Ahead of Tuesday’s trading session, Tesla stock rallied 12 sessions in a row, a record for stocks. Shares are up 58% over the past six months. ARK bought shares of the EV maker in late 2022 as Tesla’s share price dropped following Elon Musk’s closure of Twitter’s acquisition. The last buy of 2022 took place in mid-December when Tesla stock was trading at around $150 per share. They closed on Monday at $249.83.
Tesla shares rallied again, up $4.45, or 1.8%, to $254.28 in Tuesday’s trading, while
rose 0.8% following lower-than-expected inflation numbers from the Bureau of Labor Statistics.
ARK’s year-end transaction went well. The sale of about 400,000 Tesla shares is one of the larger blocks of Tesla stock moved by ARK in recent months. ARK did not immediately respond to a request for comment on the reason for its transaction.
As for Nvidia stock, the AI leader’s stock has gained about 125% over the past six months on optimism about demand for powerful chips that support AI computing. Nvidia shares were up 2.8% at $406 on Tuesday.
Returns in both stocks have helped the ARK fund into 2023. Through midday trading Tuesday, the Innovation ETF was up about 44% this year, easily outpacing the 31% gain for the ARK fund.
The Automation Technology & Robotics ETF is up about 37% in 2023, and the Next Generation Internet ETF is up about 49% so far this year.
The 2023 returns come after a brutal 2022 as all three ETFs fell between about 50% and 70% for the year. Both the Innovation and the Internet ETF must rally more than 200% to return to previous highs set in early 2021. The Autonomous Tech & Robotics ETF needs to rally around 80% to hit all-time highs, also set back in early 2021.
Write to Al Root at [email protected]