Tesla (NASDAQ: TSLA) on ARK Invest continued as the company sold more than 130,000 shares on Friday, just a day after 139,000 shares were dumped by the automaker’s biggest bull.
ARK’s Daily Trading Desk updates revealed that the ARKK fund eliminated 119,151 Tesla shares while the ARKW ETF sold 11,547 shares. As a result of the sale, 130,698 shares left the two ARK ETFs.
On Thursday, ARK took similar moves by selling more than 139,000 shares, including over 119,000 shares of ARKK and more than 20,000 shares of 20,000.
The sale marks the second time in the past few days that ARK has given up so many shares of what the company values so highly. It’s important to note that Friday’s selling accounted for just 0.3 percent of the ARKK ETF’s Tesla holdings, while ARKW selling accounted for 0.18 percent of its holdings.
Tesla remains the largest holding in the ARKK ETF, while the automaker’s shares are the fourth-largest in ARKW.
Many are wondering what could have prompted ARK’s sale of Tesla stock this week. On both days that ARK sold so many shares, it also bought hundreds of thousands of shares in Block, Inc., Coinbase, and just on Thursday Teladoc Inc.
It’s not necessarily an indication that ARK isn’t interested in holding as much Tesla as it was before, or that the company’s thesis on the automaker has changed.
In January, ARK reiterated its support for Tesla, emphasizing the company’s potential to evolve as an automaker, energy company, and through the development of autonomous vehicles. These comments came after the company loaded Tesla shares into the ARKK and ARKW ETFs.
Disclosure: Joey Klender is a TSLA shareholder.
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