Cathie Wood and her company Ark Invest have sold another slice of her You’re here (TSLA) shares held Wednesday, unloading nearly 21,000 shares. Meanwhile, the global electric vehicle giant is said to be in talks with the Indian government to set up a manufacturing plant in the country. Tesla stock rose slightly on Thursday.
Cathie Wood’s ARK Investment Management sold 20,874 shares of Tesla on Wednesday for about $5.7 million, based on the TSLA closing price of 271.99 according to the company’s daily trading disclosure. Wednesday’s Tesla Sale Happened ETF ARK on autonomous technology and robotics (ARKQ).
After tanking Tesla stock in early 2023 and seeing stocks hit 10-month highs, Cathie Wood has been selling Tesla stock in recent weeks.
Since June 12, Cathie Wood has sold more than 700,000 Tesla shares. Previously, Wood’s Ark Company purchased more than 1.3 million shares of TSLA.
As of July 13, Tesla stock was the largest holding in the Cathie Wood ETF, with a weighting of 14.4%. Tesla is also the first holding of the ARK Innovation ETF (ARKK), with a weight of 11.16%. TSLA is currently fifth in the ARK Next Generation Internet ETF (ARKW), with a weight of 6.63%.
Tesla stock edged up 0.15% to 272.28 on Thursday in market trades. On Wednesday, shares advanced 0.8% to 271.99.
Cathie Wood: Tesla in India?
Meanwhile, The Times Of India reported on Thursday that Tesla is in talks with the Indian government over a manufacturing plant with an annual capacity to produce around 500,000 electric vehicles.
According to the Times Of India, Tesla also wants to export Indian-made vehicles to other countries in the region.
Last month, Tesla Chief Executive Elon Musk signaled that the global electric vehicle giant is likely to make a significant investment in India in the near future.
In late June, Musk met Indian Prime Minister Narendra Modi in New York and then hinted to members of the press that it was “highly likely” that Tesla would soon have a presence in the country.
“We don’t want to rush into an announcement, but it’s very likely there will be a significant investment and relationship with India in the future,” Musk said.
Tesla stock: results to come
TSLA shares are up about 120% in 2023 and 164% from their January 6 low. However, Tesla stock is still well below its all-time high of 414.50, reached in November 2021.
On June 2, Tesla pulled out a buy point of 207.79 from a double bottom cup or base. It was part of a record 13-game winning streak for Tesla, with the last 12 having above-average volume. Stocks paused in late June amid the general market pullback, but rebounded near the 21-day lines.
TSLA jumped 6.9% to 279.82 on July 3 after strong second-quarter delivery numbers, erasing a brief break to hit a nine-month high.
Tesla announces its second quarter financial statements on July 19. Last week, Tesla reported record global shipments as price cuts, tax credits and rebates propelled demand well above Wall Street forecasts.
Tesla deliveries were 466,140 in the second quarter, topping the first quarter record of 422,875 and the fourth quarter record of 405,278. That easily topped second-quarter estimates of about 445,000, according to FactSet.
Model 3 and Model Y deliveries reached 446,915 in the second quarter. Model S and X deliveries reached 19,225.
Production reached 479,700, again exceeding deliveries, even with Tesla limiting production below capacity.
Tesla stock ranks third in IBD’s automaker industry group. It has a composite rating of 98 out of 99. Tesla has a relative strength rating of 95 and its EPS rating is 93 out of 99.
Please follow Kit Norton on Twitter @KitNorton for more coverage.
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