Cathie Wood-led Ark Investment Management on Tuesday booked some profit in Tesla Inc's (NASDAQ: TSLA) stock and raised its exposure in BYD Co (OTC: BYDDY), a Chinese electric vehicle maker backed by veteran investor Warren Buffett's Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B).
The popular investment firm sold 52,335 shares, estimated to be worth $57.54 million based on Tuesday's closing price, in Tesla.
A staunch EV supporter, Wood counts Tesla as its top holding and has said the stock will break through the $3,000 level by 2025.
The popular stock picker last year booked a profit in Tesla after its shares rose, hitting a $1 trillion market valuation, on impressive third-quarter numbers and a large order from car rental firm Hertz Global Holdings Inc (NASDAQ: HTZ).
Tesla shares rallied 8% higher on Monday after the company said it will seek investor approval to increase its number of shares to enable a stock split in the form of a dividend.
Tesla shares closed 0.7% higher at $1,099.6 on Tuesday. The stock is now down 8.3% year-to-date.
See Also: Tesla Bull Cathie Wood Increased Stake in This Warren Buffett-backed Chinese EV Maker On Monday
Ark Invest held 1.55 million shares, worth $1.69 billion, in Tesla, before Tuesday’s trade. It owns shares in Tesla via three of its actively traded exchange funds — the Ark Innovation ETF (NYSE: ARKK), the Ark Next Generation Internet ETF (NYSE: ARKW), and the Ark Autonomous Technology & Robotics ETF (BATS: ARKQ).
The investment firm bought 30,520 shares, estimated to be worth $1.68 million, Shenzhen-based BYD.
BYD's stock closed 0.4% higher at $55.2 a share on Tuesday. The stock is down 20.8% year-to-date.
BYD, short for Build Your Dreams and founded by Chinese billionaire Wang Chuanfu, competes with local rivals such as Nio Inc (NYSE: NIO), Xpeng Inc (NYSE: XPEV), and current global EV leader Tesla.
Wood has been building positions in both Nio and Xpeng.
St. Petersburg, Florida-based Ark Invest held 446,334 shares, worth $24.53 million, in BYD before Tuesday's trade. It owns shares in the company via ARKQ.
This is Ark Invest’s fourth buy in BYD this year, a stock it has been accumulating since 2021.
