Cathie Wood Dumps Tesla Stock Ahead Of Q4 Earnings, Ark Invest Loads Up On Amazon

On Tuesday, Cathie Wood-led Ark Invest executed significant trades involving Tesla Inc (NASDAQ:TSLA). and Amazon.com Inc. (NASDAQ:AMZN).

The Tesla Trade

Ark Invest made a decisive move on Tuesday by selling 2,772 shares of Tesla Inc. through its ARK Next Generation Internet ETF (NYSE:ARKW). The sale, valued at approximately $1.1 million based on Tesla’s closing price of $398.09, comes ahead of Tesla’s anticipated fourth-quarter earnings report. Investors are keenly observing Tesla’s performance, especially with CEO Elon Musk’s ambitious promise of a 30% sales increase in 2025. Despite a remarkable 106.68% rise over the past year, Tesla’s stock has seen a slight decline of 1.41% year-to-date. The market remains cautious, with Wall Street expressing skepticism about Tesla’s growth projections.

The Amazon Trade

On the same day, Ark Invest increased its stake in Amazon.com Inc. by purchasing 41,338 shares through ARK Innovation ETF (NYSE:ARKK) and ARKW. This acquisition, totaling approximately $9.8 million, is based on Amazon’s closing price of $238.15. Notably, Ark had purchased $1.76 million worth of Amazon shares just a day prior. The Amazon stock purchases has been a continuing trend with the Wood-led firm adding another $8.9 million worth of shares in early January.

Other Key Trades:

• Sold 446,148 shares of Adyen NV (ADYEY) through ARKW.Sold 25,500 shares of Rocket Lab USA Inc (RKLB) through ARKQ.Sold 22,830 shares of Roblox Corp (RBLX) through ARKK.
• Bought 69,250 shares of Absci Corp (ABSI) through ARKG.Bought 8,210 shares of Qualcomm Inc (QCOM) through ARKW.

Image via Shutterstock

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal