tl;dr
Cathie Wood-led Ark Invest sold $77.56 million worth of Ark 21Shares Bitcoin ETF (ARKB) and bought 33,143 Tesla (TSLA) shares valued at approximately $71.58 million. The decision followed Tesla's Q2 earnings report, which resulted in a 12% drop in stock price. The firm's purchase of TSLA shares amid...
Ark Invest Sells ARKB, Bags Tesla (TSLA) - Cathie Wood’s Firm’s Trading Activity Cathie Wood-led Ark Invest sold $77.56 million worth of Ark 21Shares Bitcoin ETF (ARKB) and bought 33,143 Tesla (TSLA) shares valued at approximately $71.58 million. The decision followed Tesla's Q2 earnings report, which resulted in a 12% drop in stock price. The firm's purchase of TSLA shares amid the price drop has sparked optimism. The Bitcoin ETF selloff coincides with a decline in Bitcoin's price movement. Additionally, Ark Invest made other trades in energy, healthcare, and biological sectors on July 24. Notably, the firm had also previously shed significant amounts of TSLA shares before Tesla's Q2 earnings report. Cathie Wood-led investment management firm Ark Invest has once again made global headlines with its trade strategies. Per recent market data, the firm heavily bagged Tesla (TSLA) stocks, whereas it sold a whopping $77 million worth of Ark 21Shares Bitcoin ETF (ARKB). This trading strategy, emerging right after the release of Musk’s firm’s Q2 earnings report and Bitcoin’s recent turbulence, has ignited a tidal wave of speculations across the broader market.
ARK INVEST SELLS ARKB, BAGS TESLA (TSLA)
In what appears to be a strategic mover, Ark Invest sold 118,209 ARKB, worth nearly $77.56 million, on July 24. Instead, the firm bought 33,143 TSLA shares, worth approximately $71.58 million.
Intriguingly, this decision comes after the Elon Musk-led firm filed its Q2 earnings report. As per the report, the firm beat its expected revenue of $24.54 billion forecasted by Wall Street, with $25.05 billion. However, it failed to meet earnings per share (EPS) of $0.61, coming short at $0.52. This chronicle resulted in a nearly 12% drop in the Tesla stock price, causing a market bustle. Cathie Wood’s firm’s purchase amid this TSLA share crash has glimmered hope for the asset’s future prospects.
Meanwhile, the Bitcoin ETF selloff comes amid a waning BTC price movement. This week, Bitcoin slipped from a $68K high to the $64K level. The bearish movement falls in line with Mt Gox ‘s creditor repayment with BTC. Further, the massive Bitcoin ETF selloff by the investment firm potentially falls in line with this receding price action.
CATHIE WOOD’S FIRM’S TRADING ACTIVITY
Ark Invest’s other trades from July 24 illustrate continued interest in energy, healthcare, and biological sectors. The firm’s purchases included 392,670 of 10x Genomics shares (TXG), 148,031 of Oklo shares (OKLO), and 208,592 of Teladoc Health Inc, among many others. However, it’s also worth mentioning that Ark Invest recently shed remarkable amounts of TSLA shares ahead of the EV (electric vehicle) firm’s Q2 earnings. This constant buying and selling has further added a layer of intrigue among market participants.
More about Tesla Inc
Tesla Inc
Tesla, Inc. is an American electric vehicle and clean energy company based in Palo Alto, California. Tesla's current products include electric cars, battery energy storage from home to grid-scale, solar panels and solar roof tiles, as well as other related products and services. In 2020, Tesla had the highest sales in the plug-in and battery electric passenger car segments, capturing 16% of the plug-in market (which includes plug-in hybrids) and 23% of the battery-electric (purely electric) market. Through its subsidiary Tesla Energy, the company develops and is a major installer of solar photovoltaic energy generation systems in the United States. Tesla Energy is also one of the largest global suppliers of battery energy storage systems, with 3 GWh of battery storage supplied in 2020.
Manufacturing
Sector: Motor Vehicles & Passenger Car Bodies
Market Cap: 690.01 billion
Price: $60.67
Dividend Yield: None
EPS: 3.56
P/E Ratio: 29.93
Return on Equity: 0.13
Revenue: 95.31 billion
Net Income: 203.52
Debt to Equity: -0.456
Price to Book: 0.023
More about 10X Genomics Inc
10x Genomics, Inc., a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in North America, Europe, the Middle East, Africa, China, and Asia Pacific. The company is headquartered in Pleasanton, California.
Sector: LIFE SCIENCES
Industry: LABORATORY ANALYTICAL INSTRUMENTS
Market Cap: 22.71B
Dividend Yield: None
EBITDA: None
P/E Ratio: -2.24
EPS: 5.3
Profit Margin: -0.423
Revenue: 625.448M
Stock Price: 29.57
52-Week High/Low: 0/0.05
More about Oklo Inc.
Company: Oklo Inc.
Description: Oklo Inc. designs and develops fission power plants to provide reliable and commercial-scale energy to customers in the United States. The company is headquartered in Santa Clara, California.
Sector: Real Estate & Construction, Blank Checks
Stock Symbol: 1128167000
Previous Close: -0.12
Open: 0
Bid: 0
Ask: 0
Day's Range: 11.75
52-Week Range: 0.297 - 0