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Tesla, Inc. (NASDAQ:TSLA) stock is slipping in premarket trading although it could come back up in the regular session. What Federal Reserve Chair Jerome Powell has to say on the first day of his Congressional testimony has a bearing on which way the stock would head Tuesday.
Cathie Wood’s Ark Invest, which took some profits off the table following the electric vehicle maker’s second-quarter deliveries report, paused sales on Monday. Is the firm factoring in a trend reversal?
What Happened: Ark Invest began selling Tesla shares just after the company reported second-quarter deliveries that topped muted forecasts. The trade is in line with the firm’s usual practice of taking some profits on its staple stocks when they run up. The firm continued selling a smattering of its Tesla holdings over the next two sessions before pausing on Monday.
Ark’s last week’s Tesla trades (selling) are as follows:
Over these three days, the firm has sold roughly $18.7 million in shares.
See Also: Best EV Stocks
Why It’s Important: The shares could experience volatility in the run-up to its earnings report due on July 23. That said, analysts, including bears, see the uptrend continuing into the robotaxi unveil event on Aug. 8.
Ark’s valuation framework suggests Tesla will hit a stock price of $2,600 by 2029, with the bulk of the value added by the yet-to-be-launched robotaxi service.
Tesla is still the top holding of Ark’s flagship exchange-traded fund, the Ark Innovation ETF (NYSE:ARKK). The fund holds 3.81 million Tesla shares valued at $957.14 million, giving the stock a portfolio weighting of 15.42%.
In premarket trading, Tesla slipped 0.22% to $252.39, according to Benzinga Pro data. The stock is up about 1.8% for the year.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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