Cathie Wood Sells Another $90M In Tesla And Loads Up On The Dip In This Tech Stock

Cathie Wood’s Ark Investment Management on Thursday continued selling shares in Tesla Inc (NASDAQ: TSLA) amid a profit booking spree in the stock and raised its exposure in Zoom Video Communications Inc (NASDAQ:

Cathie Wood’s Ark Investment Management on Thursday continued selling shares in Tesla Inc (NASDAQ:TSLA) amid a profit booking spree in the stock and raised its exposure in Zoom Video Communications Inc (NASDAQ:ZM) on the dip.

The popular money managing firm bought 213,756 shares — estimated to be worth $34.65 million based on the latest closing price — in San Jose, California-based online video-conferencing platform.

See Also: Why Cathie Wood Piled Up Zoom Shares On Post-Earnings Slump

Shares of Zoom closed 5% lower at $162.1 a share on Thursday. The stock is already down 12% this year and has plummeted about 58% in the past year.

For the record, Zoom went public in April 2019 at $36 per share, and its shares started trading at $65 on the debut. 

Wood had last month said she expects equities of innovative companies that have seen declines in 2021 to be “rewarded handsomely” in 2022.

Ark Invest bought shares in Zoom via the ARK Innovation ETF (NYSE:ARKK) and the ARK Next Generation Internet ETF (NYSE:ARKW) on Thursday. No other Ark Invest ETF currently owns shares in Zoom.

The two ETFs held 6.2 million shares — worth $1.06 billion — in Zoom, prior to Thursday’s trade.

See Also: Cathie Wood Sells Another $3M Shares In Tesla On Wednesday — Here’s What She Bought Instead

Here are a few other key Ark Invest trades on Thursday:

  • Sold 87,756 shares — estimated to be worth $90.5 million — in Tesla. Shares of the Elon Musk-led company closed 6.75% at $1,031.6 a share on Thursday.
  • Sold 105,343 shares — estimated to be worth $4 million — in Snap Inc (NYSE:SNAP). Shares of the photo and video sharing app owner closed 10.2% lower at $38.4 a share on Thursday.
  • Bought 201,921 shares — estimated to be worth $33.9 million — in Roku Inc (NASDAQ:ROKU) on the dip. Shares closed 5.15% lower to $168.3 a share.
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