Ark Invest Makes Major Trades in Tesla and Zoom Ahead of Earnings
On Monday, Ark Invest, led by Cathie Wood, executed significant trades involving Tesla Inc. (TSLA) and Zoom Video Communications Inc. (ZM).
Tesla Trade
Ark Invest purchased a total of 122,752 shares of Tesla across its ARK Innovation ETF (ARKK), ARK Autonomous Technology & Robotics ETF (ARKQ), and ARK Next Generation Internet ETF (ARKW). The combined value of these purchases reached $17.44 million. Tesla shares declined by 3.4% on the day, closing at $142.05. Despite this recent dip, Tesla stock has experienced a notable decline of over 40% since the start of the year.
Zoom Trade
In contrast, Ark Invest sold a total of 334,290 shares of Zoom Video Communications across its ARKK and ARKW ETFs. Based on the closing price of $59.54 on April 22, the value of these Zoom shares sold approximates $19.9 million.
Analysts hold varying opinions on Zoom, with ratings ranging from bullish to bearish over the past quarter. Nevertheless, Zoom has embraced AI-powered advancements to drive growth and maintain its competitive position.
Ark Invest also made other key trades, including the sale of shares in 2U Inc. (TWOU) from its ARKK ETF and the sale of shares in Caterpillar Inc. (CAT) from its ARKQ ETF.
