Popular investor Cathie Wood’s ARK Invest made some interesting trade moves on Tuesday, July 1. The ace hedge fund manager is leveraging the dip in Tesla (TSLA) stock by purchasing shares through her ARK Invest ETFs (exchange-traded funds). The stock was down over 5% in yesterday’s closing session due to continued weak sales in Sweden and Denmark. At the same time, as per the daily trades published by ARK on Tuesday, Wood continued to offload shares of cryptocurrency exchange Coinbase (COIN) and American online game platform Roblox (RBLX).
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ARK Invest Adds More Tesla Shares
On Tuesday, Cathie Wood’s ARK Invest significantly boosted its stake in Tesla, buying a total of 56,368 shares across two ETFs—ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW) —valued at nearly $17.91 million. The move reflects ARK’s continued confidence in the EV maker’s growth potential.
Tesla stock has slipped 12% in the past month and is down over 25% year-to-date. Investor sentiment has turned cautious ahead of Tesla’s Q2 delivery report, as some analysts expect signs of softer global demand. Adding to the uncertainty, President Donald Trump recently said he may investigate the billions in federal subsidies tied to Elon Musk’s companies, including Tesla and SpaceX.
Is Tesla Stock a Buy or Sell Now?
Overall, Wall Street is sidelined on Tesla stock, with a Hold consensus rating based on 14 Buys, 12 Holds, and nine Sell recommendations. The average TSLA stock price target of $291.31 indicates 3.13% downside risk from current levels.
Wood Trims Holdings in COIN and RBLX Stocks
ARK continues to trim its position in Coinbase. On Tuesday, it offloaded 9,116 shares of the crypto exchange through its ARKW ETF. The total value of the sale was around $3.2 million. Earlier, ARK offloaded 124,892 COIN shares on June 30 and 112,729 COIN shares on June 27.
Meanwhile, Cathie Wood’s ARK Invest sold 26,877 shares of Roblox for approximately $2.82 million, marking a notable reduction in its stake in the gaming platform.
Turning to Wall Street, Coinbase stock scores a Moderate Buy consensus rating, with the average COIN stock price target of $298.15 indicating an 11% possible decline from current levels. Meanwhile, Roblox also earns a Moderate Buy consensus rating, with the average RBLX stock price target reflecting a 13.2% downside risk.
