Cathie Wood sells $41 million in Tesla shares and takes charge of this chip stock amid Thursday's drop

Ark Investment Management, led by Cathie Wood, has purchased 297,818 shares of Nvidia Corporation NVDA, through three of the company's exchange-traded funds, worth more than $41.5 million based on Thursday's closing price.

Nvidia is the 27th largest holding in ARK Innovation company's flagship ETF ARKK with a weight of 0.94%, according to data from the company's website.< /p>

Interestingly, Wood had sold more than 293,000 shares of the chipmaker last week, through two of the company's exchange-traded funds, valued at over $50 million. dollars before the company's earnings release.

Nvidia reported in a securities filing Wednesday that the Biden administration has imposed restrictions preventing it from selling its A100 and H100 chips to Russia and China.

The chipmaker said it expects to lose $400 million, or 10.6% of its data center business and 6.8% of its global revenue. third trimester, because of these restrictions.

Also read: Why this Nio analyst cut his estimate by 12% delivery in the 3rd quarter

Price Action: Nvidia shares have lost over 24% in the past month and closed at $139.37 on Thursday. Deutsche Bank maintained its "Hold" rating on the stock while revising the price target to $165 from $175.

Tesla Sale: Wood has sold over 150,000 shares of Tesla Inc TSLA, through three of the company's funds, worth over $41.5 million dollars based on Thursday's closing price.

Tesla is the top holding in ETF ARK Innovation, with a weight of 9.94% valued at over $793 million. Tesla shares have lost more than 7% in one month. Deutsche Bank maintained its "Buy" rating on the stock with a price target of $375.

Photo courtesy: Ark Invest

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