Cathie Wood happens to be the big name behind the New York City investment firm called Ark Invest. In other words, he is the firm’s founder. The information coming to the limelight has to do with the firm’s recent move to sell off a significant stake in Tesla Inc (NASDAQ: TSLA). A section of insiders in the firm are cashing out their shares, and there are reports that the stock is currently in the recovery phase.
Focus on transactions
The firm says that three of its funds sold out about 142,708 shares of Tesla, and its flagship Ark Innovation ETF happens to be one of them. The above figure is worth almost $108 million. Sales adding up to $166 million is a development that tells a lot about the new shift. It closed the sales since late July.
It was sometime back that Wood would spoke about Tesla’s progress. Wood outlines the impact of the new transactions, speaking elaborately on how they have given shares a price tag of about $3,000 as the target. The figure represents almost 300% more as compared to where they stand currently.
Analysts recognize the company’s growing market share and project the impact of the new shift. They believe the change will enable the company to gain an 18-fold rise anticipated when the electric-vehicle sales skyrocket in 2025.
Wood happens to be one of the many major investors in Tesla who have taken to sell their share shares. It is rather apparent that the runup prices influenced most investors, resulting in most trading off their shares. Three company officials took to the sale of about $4 million worth of stock, and reports show all the transactions involved, and all of them happened this week. It was a group comprising of two c-suite executives.