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Friday, April 19, 2024

Cathie Wood Offloads $19M Tesla Stock Ahead Of Q2 Deliveries – ARK Next Generation Internet ETF (ARCA:ARKW), Tesla (NASDAQ:TSLA), ARK Innovation ETF (ARCA:ARKK)

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Cathie Wood’s Ark Invest sold a massive chunk of Tesla Inc. TSLA shares just ahead of the electric vehicle maker’s second-quarter deliveries report.

What Happened: On Friday, Wood’s Ark Invest, through its Ark Innovation ETF ARKK and Ark Next Generation Internet ETF ARKW, sold 72,183 Tesla shares, valued at about $18.9 million.

Ark has been a seller of Tesla stock in the recent past, as the stock continued to grind higher. The fund’s net buying so far this year is positive with a tally of 1.193 billion purchases and 876,382 sale transactions.

For the week, Ark sold 108,805 Tesla shares in three sessions, likely pocketing proceeds of $28.2 million.

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See Also: Everything You Need To Know About Tesla Stock

Why It’s Important: Tesla is widely expected to announce its second-quarter deliveries on Sunday. The company-compiled consensus is 446,823 units and the FactSet-compiled consensus is slightly lower at 445,000 units.

While uber-bullish Tesla analysts and influencers have called for above-consensus numbers, a few have sounded a note of caution. Gary Black of Future Fund said he expects the company to have sold 450,000 cars globally this quarter.

Citing Tesla app download data, monthly deliveries reported in some geographies and channel checks, RBC Capital Markets analyst Tom Narayan said he expects deliveries of 438,000 units, which would still mark a quarterly record.

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Despite RBC’s below-consensus second-quarter forecast, Narayan sees Tesla remaining on track to achieve its 1.8 million-unit sales target for 2023. Demand is picking up following price cuts announced earlier this year, he added.

Price Action: Tesla closed Friday’s session up 1.66%, at $261.77, according to Benzinga Pro data. The stock is up 125.5% for the half year.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read Next: Cathie Wood’s Ark Outshines S&P 500, Nasdaq In H1: Here Are The Major Trades It Made

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