Wood's funds bought more than 1.3 million TSLA shares in 2023 and now sold 660,000 shares...

This article reported with data that Cathie Wood has bought too many Tesla's share at low price. It's normal for her to take some profit now that Tesla's share price is at all time high and re-balance her portfolio - kind of risk management.

Many bloggers (include one that question me last night) will quick to conclude that the selling is a sign of overvalued. Wood's Ark Invest predicted in late April that Tesla will reach a $2,000 per share price in 2027. She still hold more than 640,000 Tesla's share in the portfolio. Will anyone hold so much share thinking that the stock is overvalued?

Quote:

Wood's Ark Investment Management sold off more than 393,000 shares of Tesla Monday for around $98.2 million, based on TSLA closing price of 249.83... As of June 13, Tesla stock is the top holding in ARK Investment with a weight of 11.86% in ARKK, 8.48% in ARKW and 15.44% in ARKQ. Wood's funds have purchased more than 1.3 million TSLA shares so far in 2023 and have now sold 660,000 shares.

Wood has been buying up Tesla on the cheap throughout 2023 before selling big on Monday:

April 26: Wood-led funds spent an estimated $29 million on more than 190,000 TSLA shares after Tesla sank 4.3% following a downgrade.

April 20: She also jumped on Tesla stock with purchases worth more than $40 million as Tesla dropped nearly 10% following the EV company's Q1 earnings.

March 8: With Tesla stock slipping 3%, Wood's ARK crew scooped up $12.62 million worth of the shares.

Jan 3: TSLA shares plummeted more than 12% that day, the worst showing in 2023, leading Wood to purchase around $19 million of Tesla stock.

Source:

Cathie Wood Cashes In Tesla Stock As It Hits 12-Day Winning Streak

$BYD COMPANY (01211.HK)$ $BYD Co. (BYDDF.US)$ $S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Tesla (TSLA.US)$ $VOLKSWAGEN A G (VWAGY.US)$ $NIO Inc (NIO.US)$ $Li Auto (LI.US)$ $XPeng (XPEV.US)$ $General Motors (GM.US)$ $Ford Motor (F.US)$ $Rivian Automotive (RIVN.US)$

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73209536 : This is precisely because Wood believes in Tesla

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ZnWC OP 73209536 : Yes she believes Tesla is a growth stock. Someone mentioned that Cathie Wood sold Tesla's share due to a SEC regulation not allowing anyone to hold too many share of a company. I've yet to find such report.

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ZnWC

I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.

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