Cathie Wood-led ARK Invest Management sold off even more $Tesla (TSLA.US)$ shares on Wednesday.
What Happened: The Wood-led ARK sold off nearly $7.3 million worth of Tesla stocks through the $ARK Autonomous Technology & Robotics ETF (ARKQ.US)$ and $ARK Next Generation Internet ETF (ARKW.US)$.
The sale by Wood comes ahead of Tesla's second-quarter delivery number. Anticipation around the figure has caused the shares to trade higher. Since the year began, Tesla stock has moved up nearly 108%.
Tesla is thought to be on track to hit record Q2 sales even as it faces increased competition. The company's Q2 China sales have risen 13% quarter-over-quarter to 155,000 units.
Wood has been on a profit-taking spree with Tesla shares. On June 12, she sold $98 million worth of the automaker's shares. On June 24, she sold off another $7 million worth of Tesla stock.
So far this month, ARK-run funds have shed 500,000 shares of Tesla, valued at $128.1 million as of Wednesday's closing price.
Even so, Tesla accounts for 8.45% in terms of all 125 combined ARK Invest ETF holdings. The market value of the holdings is nearly $1.2 billion. The Elon Musk-led automaker is still ranked as Wood's top holding.
On Wednesday, ARK's Autonomous Technology & Robotics ETF added 4,576 shares of $Advanced Micro Devices (AMD.US)$. The transaction was valued at just over $500,000 based on the day's closing price of $110.17.
The same fund also purchased 6,542 shares of $Taiwan Semiconductor (TSM.US)$. The shares closed at $100.92 on Wednesday. The Next Generation Internet ETF also picked up 20,114 shares of TSM. The total purchase was valued at $2.7 million.
Price Action: On Wednesday, Tesla shares closed 2.4% higher at $256.24 in the regular session and gained another 0.5% in the after-hours trading, according to Benzinga Pro data.