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Tesla Steady Premarket on Likely Nod For German Factory, Shrugs off ARK Sales

Stock MarketsSep 30, 2021 08:13AM ET
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By Dhirendra Tripathi

Investing.com – Tesla stock (NASDAQ:TSLA) stock traded 0.3% higher in Thursday’s premarket following a report in Business Insider that the local government in Germany’s Brandenburg had internally agreed to issue the permits that the carmaker still needs to complete its factory there.

Quoting the Brandenburg state environment ministry, a Reuters report later said consultations on the project were ongoing.

Tesla’s stock has largely ignored the recent selling by long-time Tesla bull Cathie Wood and her ARK Investment. Wood, who sees Tesla at $3,000 by 2025, has offloaded the stock over several days this month.

In the latest transactions, details of which are publicly available, three of Wood's exchange-traded funds - ARK Innovation (NYSE:ARKK), ARK Autonomous Technology & Robotics (NYSE:ARKQ) and ARK Next Generation Internet (NYSE:ARKW) – collectively sold more than 340,000 Tesla shares Tuesday. The sales were worth around $270 million.

As of Wednesday's close, Elon Musk's company still accounted for more than 10% of the holding of each of those funds.

While Tesla has held up, ARK’s own Innovation fund has fallen to levels not seen for almost four months. The ETF closed around 2.2% lower Wednesday and was trading 0.4% higher in premarket. It’s up over 18% over a year against a 31% gain for the NASDAQ Composite.

 

 

Tesla Steady Premarket on Likely Nod For German Factory, Shrugs off ARK Sales
 

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Comments (4)
Adam Adam
Adam Adam Sep 30, 2021 10:35AM ET
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they intentionally always forgot to mention why ARK is selling, keep trying to sink the stock
ZS Beck
ZS Beck Sep 30, 2021 9:54AM ET
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Way too much hype around ARK.My savings account is doing better than Her fund this year.Why she's selling Tesla? She’s is the one predicted 1500-3000$ price range.
David Sather
David Sather Sep 30, 2021 9:54AM ET
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Shes rebalancing the funds. A requirement
ZS Beck
ZS Beck Sep 30, 2021 9:54AM ET
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The way I see it. Anybody bought in her dream fund this year, they lost 10% so far , She promised 25% return . 3 month left . Do the math. Her luck running out .
simon Sun
simon Sun Sep 30, 2021 9:54AM ET
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She made all the money,now u guys are bagholder
Millennial Metals
Millennial Metals Sep 30, 2021 9:40AM ET
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Imagine betting against Michael Burry
David Sather
David Sather Sep 30, 2021 9:40AM ET
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We are
Ron Love
Ron Love Sep 30, 2021 8:53AM ET
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Shrugs off Ark sales because they are only end of quarter profit taking to get the Tesla position in the funds under the weighting limits. Cathie sold to get the position under 11%, not because of a change in Ark’s thesis for Tesla. Derps. 🙄
Sep 30, 2021 8:53AM ET
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