Ark Invest, led by Cathie Wood, made significant trades on Thursday, involving Tesla Inc. (NASDAQ:TSLA) and Alibaba Group Holding Ltd. (NYSE:BABA). These trades come amid notable market events affecting both companies.

The Tesla Trade

On Thursday, Ark Invest’s funds, including ARK Innovation ETF (BATS:ARKK), ARK Next Generation Internet ETF (BATS:ARKW), and ARK Space & Defense Innovation ETF (BATS:ARKX), collectively acquired 96,935 shares of the Elon Musk-led company. At the closing price of $393.45, this purchase is valued at approximately $38.1 million.

Tesla’s stock experienced a decline of 7.49% on the same day. The drop followed the announcement of Tesla’s second-quarter vehicle deliveries, which totaled 480,126, surpassing Wall Street’s estimate of 406,000. Despite the impressive delivery numbers, Gene Munster, managing partner and co-founder at Deepwater, attributed the stock’s decline to factors such as pre-announcement speculation, high gas prices that are driving demand, and the resolution of a government efficiency issue.

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The Alibaba Trade

Ark Invest sold a total of 6,951 shares of Alibaba through its ARKK and ARKW funds. With Alibaba’s shares closing at $96.14, the sale is valued at approximately $668,269.

Alibaba has been under scrutiny due to a $600 million settlement with the Department of Justice over alleged illegal drug sales on its platforms. The company also faced accusations from Anthropic regarding the unauthorized extraction of capabilities from its AI models. These controversies have kept Alibaba in the spotlight, influencing investor sentiment.

Ark has been offloading Alibaba stock in recent days. On Wednesday, it sold $7.8 million worth of stock. The firm sold $2.5 million worth of shares on Tuesday, after offloading $16.7 million last Thursday and another $885,568 on Monday.

Other Key Trades

  • Sold 180,228 shares of Roku Inc. (ROKU) through ARKK, ARKF and ARKW.
  • Sold 274,932 shares of Strata Critical Medical Inc. (SRTA) through ARKQ and ARKX.
  • Bought 91,353 shares of Bullish Inc. (BLSH) through ARKK, ARKW and ARKF.
  • Bought 54,838 shares of SoFi Technologies Inc. (SOFI) through ARKK.
  • Sold 21,279 shares of Illumina Inc. (ILMN) through ARKK.

Benzinga Edge Stock Rankings indicate Tesla stock has a Momentum score in the 62nd percentile and a Value score in the 3rd percentile.

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