Cathie Wood and her firm Ark Invest sold some of their shares on Tuesday Tesla (TSLA) holdings and loaded with a novice drone maker Sagittarius Aviation (ACHR). Tesla shares rose Wednesday, while ACHR shares spiked.
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Wood and Ark Invest sold a total of 62,867 Tesla shares worth $14.538 million on Tuesday based on the closing price of 231.26, according to the company’s daily trading updates. Wood sold more than 56,000 shares of the ARK Innovation ETF (ARKK) while the remainder was removed from the ARK Next Generation Internet ETF (ARKW).
Shares of Tesla rose 10.2% on Tuesday as Elon Musk’s EV company beat delivery expectations for the second quarter despite deliveries falling 4% compared to last year.
Eyes on the sky
Meanwhile, Wood and ARK on Tuesday bought 406,912 shares of Archer Aviation worth $1.51 million, based on the closing price of 3.72.
San Jose-based Archer is developing electric vertical take-off and landing vehicles (eVTOL) for urban environments, with the goal of creating a robust air taxi service.
Archer Aviation on Tuesday secured an additional investment of $55 million by Stellantis (STLA) through a strategic financing agreement. Stellantis invested $110 million in Archer in 2023 through a series of stock purchases and open market investments through the strategic agreement. The investment comes next Archer completed a major test flight on June 8 for his Midnight plane.
The company On June 5, it was announced that it had received FAA certification to start operating a commercial airline. And on June 17 Archer reached an agreement with Signature Aviation, giving it access to the world’s largest network of private aviation terminals. Under the deal, Archer plans to launch air taxi services on United Airlines (UAL) hubs at Newark International and Chicago O’Hare Airports as early as late 2025. The agreement also gives Archer access to take-off and landing sites in New York, Los Angeles, San Francisco and Texas.
Signature Aviation operates more than 200 private terminals worldwide. Archer plans to expand the network as aircraft availability increases, the company said.
Archer followed that announcement on June 20 by revealing plans for an air mobility network spread across five locations in the San Francisco Bay Area.
Wood and ARK also added 3,788 shares on Tuesday BLADE Air Mobility (BLDE), another company trying to build out its urban air mobility network. BLADE offers a mix of helicopter and charter jet services, rather than eVTOLs. But the company says it is preparing to adopt aircraft with electric vehicles.
Other eVTOL drone makers include Eva Air Mobility (EVEX), a spin-out of the Brazilian fighter jet maker Embraer (ERJ). And located in China EHang Holdings (EH) is developing an unmanned air taxi service.
Tesla Stock and ACHR Promotion
Shares of Tesla rose 6.6% on Wednesday, marking seven straight daily gains.
TSLA stock is now down just a fraction through 2024.
ACHR shares spiked 13.2% on Wednesday. Shares rose 8.8% on Tuesday before rebounding above their 50-day moving average.
However, ACHR stock is down 31.8% this year.
BLDE shares fell 2.3% on Wednesday after rising 2.7% on Tuesday. BLADE shares are down 3.4% this year.
You can follow Harrison Miller for more stock market news and updates on X/Twitter @IBD_Harrison
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