Benzinga – Tesla. Inc. (NASDAQ:TSLA) rallied over 6% in Monday’s truncated session as traders bid up the stock following its stellar second-quarter deliveries.
What Happened: Cathie Wood’s Ark Invest, through its Ark Innovation ETF (NYSE:ARKK) and Ark Next Generation Internet ETF (NYSE:ARKW), sold 29,297 shares of Tesla. The sale is valued at $8.20 million shares based on the $279.82 at which the stock closed on Monday.
Despite the recent selling spree, Ark has been a net buyer of Tesla stock this year. As opposed to the 1.193 billion stock the firm purchased this year, it has sold 905,679 shares.
Tesla is the top of holding of ARKK, Ark’s flagship exchange-traded fund, with a weighting of 11.63%. It is also the top holding of Ark Autonomous Technology & Robotics ETF (CBOE: ARKQ) with a 14.63% weighting. The stock is the second-biggest holding of ARKW with a 7.46% weighting.
Why It’s Important: Despite some analysts being uneasy over Tesla’s valuation, given the recent run-up, almost all on the sell-side are convinced about the company’s long-term potential. Wood’s Ark Invest expects the stock to rally to $2,000 by 2027, with much of the upside likely coming from the yet-to-be-launched robotaxi service.
Following the second-quarter deliveries report, a slew of analysts raised the price targets for the stock. Goldman Sachs’ Mark Delaney increased the price target from $248 to $275.
Other Major Ark Trades: On Monday, Ark through ARKK and ARKQ bought 69,766 shares of PagerDuty, Inc. (NYSE:PD) valued at $1.57 million. PagerDuty is a digital operations management platform.
Other trades are as follows:
Crispr Therapeutics, Inc. (NASDAQ:CRSP): 59,148 shares, valued at $3.3 million
Verve Therapeutics, Inc. (NASDAQ:VERV): 5,025, valued at $97,824
Materialise NV (NASDAQ:MTLS): 29,899, valued at $256,832
Quantum-Si incorporated (NASDAQ:QSI): 61,088, valued at $111,180
Tesla closed Monday’s session up 6.90% at $279.82, according to Benzinga Pro data.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read Next: Tesla’s Blockbuster Q2 Deliveries: Gene Munster Shares 5 Takeaways — And Why He Rules Out Margin Recovery In June Quarter
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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