Popular investor Cathie Wood’s ARK Invest made key portfolio moves on Friday, July 11, with electric vehicle giant Tesla (TSLA) leading the day’s buys. At the same time, Wood continued to offload shares of electric aircraft maker Archer Aviation (ACHR), streaming platform Roku (ROKU), and cryptocurrency exchange Coinbase (COIN).
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Wood Loads Up on Tesla Stock
As per the daily trade disclosures, ARK added a total of 59,705 Tesla shares across its ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW), amounting to a hefty $18.5 million investment.
The buy highlights Wood’s continued conviction in Tesla as a core long-term holding, especially amid growing interest in AI-powered autonomous vehicles.
In another notable buy, the ARK Autonomous Technology & Robotics ETF (ARKQ), the firm’s ETF focused on autonomous tech and robotics, made a sizable addition of 425,933 shares of Aurora Innovation (AUR), valued at $2.29 million. Aurora is a key player in the self-driving technology space.
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, 13 Holds, and nine Sell recommendations. The average TSLA stock price target of $295.80 indicates 5.65% downside risk from current levels.
ARK Trims Stakes in Archer, Roku, and Coinbase
On the sell side, ARK reduced its position in electric aircraft maker Archer Aviation (ACHR), selling 168,990 shares for roughly $1.82 million from ARKK.
Meanwhile, the firm continued to trim its position in Roku and Coinbase stocks. On Friday, ARK sold 42,332 shares of ROKU worth $3.82 million across ARKK and ARKW ETFs. It also trimmed its Coinbase stake once again, offloading 5,596 shares for $2.17 million through the ARKW ETF. The transaction follows a larger sale of 16,627 shares on July 10, as ARK continued to scale back its position in the cryptocurrency exchange amid recent market volatility.
Wall Street’s Take on ACHR, ROKU, and COIN
Turning to Wall Street, Archer stock scores a Moderate Buy consensus rating, with the average ACHR stock price target of $11.75 indicating an 11.80% possible decline from current levels. Coinbase also carries a Moderate Buy rating, with analysts’ average COIN price target of $307.71 implying a possible 20.50% decline. In contrast, Roku shares have a Moderate Buy rating as well, but with an average ROKU price target of $93.79 that points to a potential upside of 5.39%.
