"Wood Sister" Cathie Wood recently continued selling stocks, while increasing holdings.$Tesla (TSLA.US)$Wood's Ark Investment Management recently announced the latest data, revealing that under her fund.$Amazon (AMZN.US)$and $Meta Platforms (META.US)$.
Wood Sister Cathie Wood recently continued to sell stocks, while increasing holdings. Ark Investment Management, operated by Wood, recently announced the latest data, revealing that under her fund.$ARK Innovation ETF (ARKK.US)$And.$ARK Next Generation Internet ETF (ARKW.US)$ Two funds sold 120,141 shares of Tesla stock on October 28th local time, worth $31.54 million.
It is worth noting that Ark Investment Management had already sold 85,456 shares of Tesla stock worth approximately $22.22 million last Thursday. Wood's decision to sell Tesla stocks at this time is mainly due to Tesla's recent release of better-than-expected third-quarter financial results, leading to a significant increase in the company's stock price. However, Tesla remains the largest holding in both of Ark Investment Management's ETF portfolios.
Unfortunately for Tesla, despite the good financial performance report, analysts remain cautious. Among the analysts tracking Tesla, 11 recommend 'buy', 16 recommend 'hold', and 8 recommend 'sell'. The average target price for Tesla is $207.83, indicating a potential downside of 20.8%. Year-to-date, Tesla's stock price has increased by 5.6%.
While selling Tesla stocks, Wood also bought Amazon and Meta Platforms stocks.
Yesterday, ARKK and ARKW ETFs purchased an additional 141,504 shares of Amazon stock, totaling $26.66 million. Over the past few trading days, Wood has been accumulating Amazon stock in anticipation of strong third-quarter financial results from Amazon.
Amazon is set to release its third-quarter financial report this Friday Beijing time, and Wall Street is highly optimistic about Amazon's stock price trend. Among the analysts tracking Amazon stock, 46 recommend 'buy' and 2 recommend 'hold'. The average target price for Amazon is $224.14, indicating an almost 19% upside potential. Year-to-date, Amazon's stock price has already increased by 24%.
Meanwhile, ARKK and ARKW ETFs have bought over 22,175 shares and 16,580 shares of Meta stocks respectively, with a total value of approximately $22.41 million. Wood may have seen the huge potential of the Meta Applications Family (FoA) and its growing AI ambitions.
Editor/Rocky