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Cathie Wood takes $7 million out of wildly successful stock right before earnings

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This tech giant will report earnings after the bell Wednesday.

that investors remain disinterested in the unpredictable hype around the car company's supercomputing efforts and are feeling nervous about theRelated: Cathie Wood explains why Tesla Chief Elon Musk is worth betting so much on

If the Cybertruck meets more delays on its road to mass production and delivery, Jonas said, investors anticipate the price cuts to continue. Already, the average price of a Tesla has, pushing the company's gross margins down from the 24.3% it reported in December 2022. Tesla's gross margins were pegged at 19% in the first quarter of the year, a number Jonas expects to hit 17.5% for the third quarter.

The company's stock performance, according to Jonas, will likely be driven by"comments on the forward outlook," rather than the hard numbers in the report.is feeling somewhat cautious going into earnings. Ark Innovation sold 26,248 shares of Tesla Oct. 17, worth just under $7 million. Wood trimmed the holding by nearlyin the past, in an apparent effort to prevent the holding from exceeding 10% of the fund.

 

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