Cathie Wood Sells Another $61.6M In Tesla, Continues Profit Booking

Cathie Wood’s Ark Investment Management on Monday sold yet more shares in $Tesla(TSLA.US)$ , booking profit in the electric vehicle stock since early September when shares of the company began an upward march.

The popular money manager sold 56,295 shares estimated to be worth $61.6 million as of Monday’s close in the Elon Musk-led electric vehicle company’s stock.

Tesla shares closed 2.5% higher at $1,093.9 a share on Monday. The stock is up about 50% this year though most of that surge has been seen in the past few months.

The St. Petersburg, Florida-based Ark Invest on Monday sold shares via the $ARK Innovation ETF(ARKK.US)$ ,the $ARK Next Generation Internet ETF(ARKW.US)$ ,and the $ARK Autonomous Technology & Robotics ETF(ARKQ.US)$ The money managing firm counts Tesla as its largest holding, a stock it predicts would hit the $3,000 mark at the end of 2025, and owns shares worth billions in the company via its exchange-traded funds.

Ark Invest held 1.9 million shares worth about $2.03 billion in Tesla ahead of Monday’s trade.

Ark Invest on Monday reported a long list of daily trades that showed the investment firm sold a lot of shares. The daily reveal came with a disclosure saying all transactions were done with the “purposes of raising cash for the 2021 annual ETF distribution” and that the cash raise activity was completed.

Ark Invest sold shares in about stocks of 68 companies estimated to be worth $227.6 million (as per Benzinga calculations) that it holds via the five active exchange-traded funds on Monday.

Some of the popular trades names include shares in $Coinbase(COIN.US)$ , $Twitter (Delisted)(TWTR.US)$ and $Zoom Video Communications(ZM.US)$