Tesla bull ARK offloads over 51,000 shares amid stock run up
Tesla bull ARK Invest offloaded over 51,000 shares of the electric automaker on Wednesday night after the company’s run on Wall Street continued.
ARK sells Tesla shares to equal out the concentration of certain securities within its ETFs. The sale is not a statement that the company is ready to unload what it has to take a profit.
The sale came out of ARK’s Innovation ETF, known as ARKK. On Wednesday night, it was one of two moves the firm made in the portfolio, along with the purchase of 348,733 shares of Tempus AI.
ARK Invest’s Cathie Wood predicts Tesla’s fivefold growth in the next 5 years
To be exact, ARK sold 51,335 shares of Tesla on Wednesday night, making up 0.3052 of the ETF. Based on the closing price from Wednesday, the sale was worth roughly $21,805,500.
ARK is one of Tesla’s biggest bulls. Apart from Wedbush and Morgan Stanley, ARK is perhaps the most bullish firm out there that covers Tesla.
Recently, the firm broke down its expectations for the robotaxi fleet that will coincide with the Cybercab that Tesla unveiled in October. ARK said it expects the “multi-trillion dollar” opportunity to dominate competitors like Uber and Lyft:
“In our view, Tesla should enjoy a price umbrella at its robotaxi launch, thanks to the high level of current ride-hail prices, as shown below, while leveraging a lower cost per mile than the average vehicle on the road. Why? The operating costs associated with electric vehicles are roughly one-third those of their gas-powered counterparts.4 Without safety drivers, Tesla has suggested that, at scale, its robotaxi rides will cost consumers only $0.30-0.40 cents per mile,5 slightly higher than ARK’s estimate of ~$0.25 per mile but well below current ride-hail costs of ~$2 per mile and personal car ownership costs of ~$0.70 per mile.6 Lower price points could unlock ~$11 trillion in revenue potential, ~80 times larger than the addressable market that Uber and Lyft target today, as shown below.”
Tesla shares are trading at around $420 on Thursday.
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The post Tesla bull ARK offloads over 51,000 shares amid stock run up appeared first on TESLARATI.
Source: https://www.teslarati.com/tesla-bull-ark-offloads-over-51000-shares-amid-stock-runup/
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