Tesla’s shares were trading flat at $896 in the premarket on Friday.
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Cathie Wood’s ARK has sold more of its stake in Tesla , and snapped up shares in mobile gaming company Skillz , an email update from the investment management firm showed.
The leading technology investor has ditched 46,414 shares, worth an estimated $41.5 million, in the electric-vehicle giant just days after taking a profit with a $200 million disposal. She had signaled at a conference last month that she would be willing to sell down her flagship fund’s stake in Tesla (ticker: TSLA), according to reports.
ARK’s flagship fund, the ARK Innovation ETF (ARKK), produced total returns of 152% last year but is down 3.93% year to date, according to FactSet. It has a 10.72% stake in Elon Musk’s Tesla, its biggest holding.
Tesla’s shares were trading up 1.1% to $903.99 on Friday. The stock set an all-time high of $910 earlier in the session. It has risen 115% over the past 12 months.
The ARK daily email disclosure also revealed the firm has bought 2.1 million shares in Skillz, worth an estimated $20.8 million. Skillz rose 2.42% to $10.18 on Friday.
Last year, the technology company went public through a blank-check firm. It was set up to allow users to compete with each other on their mobile telephones. Various third-party games applications can be loaded for a price from the Skillz platform, and it takes a cut from those sales.
Wood’s ARK Invest didn’t respond to requests for comment.
Write to Rupert Steiner at rupert.steiner@dowjones.com
Source: finance.yahoo.com