Cathie Wood’s ARK Sells More Tesla. She’s Buying This Stock.
Tesla’s shares were trading flat at $896 in the premarket on Friday.
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Cathie Wood’s ARK has sold more of its stake in
and snapped up shares in mobile gaming company
an email update from the investment management firm showed.
The leading technology investor has ditched 46,414 shares, worth an estimated $41.5 million, in the electric-vehicle giant just days after taking a profit with a $200 million disposal. She had signaled at a conference last month that she would be willing to sell down her flagship fund’s stake in Tesla (ticker: TSLA), according to reports.
ARK’s flagship fund, the
ARK Innovation ETF
(ARKK), produced total returns of 152% last year but is down 3.93% year to date, according to FactSet. It has a 10.72% stake in Elon Musk’s Tesla, its biggest holding.
Tesla’s shares were trading up 1.1% to $903.99 on Friday. The stock set an all-time high of $910 earlier in the session. It has risen 115% over the past 12 months.
The ARK daily email disclosure also revealed the firm has bought 2.1 million shares in Skillz, worth an estimated $20.8 million. Skillz rose 2.42% to $10.18 on Friday.
Last year, the technology company went public through a blank-check firm. It was set up to allow users to compete with each other on their mobile telephones. Various third-party games applications can be loaded for a price from the Skillz platform, and it takes a cut from those sales.
Wood’s ARK Invest didn’t respond to requests for comment.
Write to Rupert Steiner at [email protected]