Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Don’t Look Now, But Cathie Wood Just Sold Another $270 Million In Tesla Shares

Courtesy of ZeroHedge View original post here.

As we’ve noted in a previous piece about ARK’s Cathie Wood selling $266 million worth of Tesla earlier this month, selling any shares at this point while maintaining a firm $3,000 price target on a $790 stock doesn’t seem to make much sense.

But what do we know? We’re hardly the visionaries Wood is, which is why she has $50 billion under management, right? Right?

Regardless, Wood was back to her old tricks again this week, smashing the bid on Tesla shares yesterday, selling nearly $270 million in her favorite name as her flagship ARKK fund dipped 4.18% on the day.

The sales of the more than 340,000 shares were to “spur outflows from her growth focused funds,” according to Bloomberg. Tesla remains about an 11% weighting in Wood’s ARK Innovation ETF, the report noted. Wood has a habit of trimming the stake when it rises above 10%, it said.

Overnight data showed that $297 million was withdrawn from the ARKK fund on Monday, marking its largest outflow since March of this year. 

Over the last four days, more than $660 million has been pulled from the fund. 

“Our estimate for Tesla’s success has gone up. The main reason for that is their market share. Instead of going down from year-end 2017 to today, it has actually gone up fairly dramatically,” Wood said just days ago to Yahoo Finance

$3,000 marked the target for her “base case” for Tesla, the Yahoo report said.

When asked about selling some Tesla last year, Wood told CNBC that it was “wise portfolio management” to trim some of your winners to invest in other companies.

Tesla is still Wood’s largest holding. 


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!