Those keeping a close eye on Cathie Wood's Ark Invest moves might find the popular investor's choices from this morning a bit unusual.
The ETF sold off 57,000 shares of Tesla (TSLA) on the morning of April 4. Wood has been very vocal about her confidence in the future of the EV manufacturer, and despite this move, Ark still holds more of Tesla than any other stock.
“Just from electric vehicles there could be almost a fivefold increase in this stock during the next five years,” she said in a webinar cited by CNBC. “And if you believe in autonomous cars at all, it’s closer to 13 times during the next five years. So we are as bullish about Tesla as we have ever been.”
Wood also let go of 125,000 shares of Zoom (ZM), which the ETF has the second highest percentage of behind Tesla.
Wood also put more into two relatively inexpensive stocks: 222,000 shares of SomaLogic (SLGC) and 115,000 of Joby Aviation (JOBY).
SomaLogic is a Colorado-based biotechnology company that Wood has bought before, back in November 2022. With analysts reducing their forecasts for the company in April, it makes sense that Wood would buy the dip, as it's something she'd been known to do.
Ark picked up 1.02 million shares of Joby last week and is now adding more, showing that Wood still believes in the company's ability to bring the eVTOL -- a small electric aircraft capable of vertical takeoffs and landings -- to market.
