Exchange traded funds (ETFs) managed by Cathie Wood’s ARK Investment Management (ARK Invest) have sold $139 million worth of Tesla stock (NASDAQ:TSLA), taking advantage of a recent rally in shares of the electric vehicle maker.
Tesla stock has climbed higher for three consecutive weeks, and the ARK Innovation, ARK Next Generation Internet and ARK Autonomous Technology & Robotics ETFs each sold more than 180,000 shares of the company’s stock, according to daily trading data.
The sales amount to about 3% of ARK Invest’s Tesla stake and the firm still holds well over $4 billion of the company’s stock, making it one of Tesla’s top 20 holders. ARK Invest regularly trims winning positions to reinvest the cash in new targets or existing high performing stocks.
Shares of the electric-vehicle maker have climbed over the past three weeks, adding about $75 billion U.S. in market value in that time as the company’s shipments of China-made cars rebounded in August.
Despite a broad market rout last week, Tesla’s shares eked out a weekly gain of 0.4%. The electric vehicle manufacturer’s share price has gained more than 30% since a March low earlier this year.