{"id":21986,"date":"2023-06-13T09:20:52","date_gmt":"2023-06-13T13:20:52","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/time-to-take-profits-cathie-wood-sells-tesla-nvidia-stocks\/"},"modified":"2023-06-13T09:20:53","modified_gmt":"2023-06-13T13:20:53","slug":"time-to-take-profits-cathie-wood-sells-tesla-nvidia-stocks","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=21986","title":{"rendered":"Time to Take Profits. Cathie Wood Sells Tesla, Nvidia Stocks."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

After big stock rallies, Cathie Wood\u2019s ARK Invest is taking some profits in shares of
\n Tesla
\n and Nvidia. <\/p>\n

ARK reported Monday that it sold 324,511 shares of
\n Tesla
\n (ticker: TSLA), worth roughly $80 million, out of the
\n ARK Innovation ETF
\n (ARKK). About $3 million worth of
\n Teradyne
\n (TER) stock and $41 million worth of
\n Meta Platforms
\n (META) shares went into the fund. ARK also sold Tesla and
\n Nvidia
\n stock from the
\n ARK Autonomous Technology & Robotics ETF
\n (ARKQ) and the
\n ARK Next Generation Internet ETF
\n (ARKW). <\/p>\n

\n

Total Tesla shares sold from all funds amounted to about 393,000 shares worth almost $100 million. ARK also sold about 20,000 shares of Nvidia (NVDA) worth some $8 million. <\/p>\n

The sales are coming after rallies. Ahead of Tuesday trading, Tesla stock has rallied for 12 consecutive sessions\u2013a record streak for the stock. Shares are up 55% over the past six months. ARK was buying shares at the end of 2022 as Tesla\u2019s stock price fell once Elon Musk closed on his acquisition of Twitter. The final buy of 2022 came in mid-December when Tesla shares were trading at about $150 apiece. They closed Monday at $249.83. In the Tuesday premarket the stock was up 1.3% to $253.10.<\/p>\n

The year end trade worked out well. The almost 400,000 Tesla stock sale is one of the larger blocks of Tesla stock moved by ARK in recent months. ARK didn\u2019t immediately respond to a request for comment about the reasons for its trades. <\/p>\n

As for Nvidia stock, shares of the AI leader are up about 118% over the past six months boosted by optimism about demand for its powerful chips that enable AI computing. it was up 1.1% at $399.43 in the premarket.<\/p>\n

Gains in both stocks have helped ARK funds in 2023. The Innovation ETF is up about 42% year to date, easily outpacing the 30% gain of the
\n Nasdaq Composite.<\/span>
\n The Autonomous Technology & Robotics ETF is up about 35% year to date and the Next Gen Internet ETF is up about 47% so far in 2023. <\/p>\n

The 2023 gains come after a brutal 2022 when all three ETFs fell between roughly 50% and 70% for the year. Both the Innovation and Internet ETFs have to rise more than 200% to get back to prior highs set in early 2021. The Autonomous Tech & Robotics ETF needs to rise roughly 80% to get to all-time highs, also set back in early 2021. <\/p>\n

Write to Al Root at allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

After big stock rallies, Cathie Wood\u2019s ARK Invest is taking some profits in shares of Tesla and Nvidia. ARK reported Monday that it sold 324,511 shares of Tesla (ticker: TSLA), worth roughly $80 million, out of the ARK Innovation ETF (ARKK). About $3 million worth of Teradyne (TER) stock and $41 million worth of Meta […]<\/p>\n","protected":false},"author":1,"featured_media":21987,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-21986","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nTime to Take Profits. Cathie Wood Sells Tesla, Nvidia Stocks. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"After big stock rallies, Cathie Wood\u2019s ARK Invest is taking some profits in shares of Tesla and Nvidia. 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