Cathie Wood’s ARK dumps some Tesla, Nvidia stock while scooping up Meta shares

Cathie Wood’s ARK Investment unloaded some shares of Tesla Inc. and Nvidia Inc. across several funds Monday, new disclosures showed.

ARK sold a combined 393,000 shares of Tesla
TSLA,
+2.22%
worth $92 million based on Monday’s closing levels. The sales primarily came from the ARK Innovation ETF
ARKK,
+1.81%,
which dumped nearly 325,000 shares Monday, according to ARK’s daily trade disclosures posted to its website. Tesla represented about 1% of that fund after the sale.

The ARK Autonomous Technology & Robotics ETF
ARKQ,
+1.94%
sold just over 31,000 Tesla shares, while the ARK Next Generation Internet ETF
ARKW,
+1.32%
sold about 37,000. Tesla constituted upwards of 0.7% of both funds after the stock sales.

The sales came after Tesla’s shares rallied for 12 straight sessions, marking a new record for the company. The stock has more than doubled so far in 2023.

See more: Tesla stock rises again, for record 12-day win streak

Wood’s investment arm also further trimmed its Nvidia
NVDA,
+1.84%
position within two of its funds. The ARK Next Generation Internet ETF dumped about 13,000 Nvidia shares, while the ARK Autonomous Technology & Robotics ETF sold roughly 6,800. That amounts to just under $25 million, combined, based on Monday closing prices.

Nvidia represented 0.26% of the Autonomous Technology & Robotics ETF after the sales, along with 0.40% of the Next Generation Internet ETF.

Shares of Nvidia have surged 39% over the past month, and they’re up 170% so far this year.

Ark’s trade disclosures also showed Monday purchases of Taiwan Semiconductor Manufacturing Co. Ltd. shares
TSM,
+4.14%
along with Meta Platforms Inc. shares
META,
+2.30%.

See also: Cathie Wood fund makes its first purchase of Taiwan Semiconductor

The Taiwan Semi purchase, concentrated in the Autonomous Technology & Robotics ETF, amounted to about $10 million based on Monday’s close, while the Meta purchase, split between two funds, was worth about $47 million combined based on those levels.

Don’t miss: Meta’s stock deemed a high-conviction buy at Citi, as strategy remains ‘underappreciated’

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