Cathie Wood Trims Holdings in Tesla Stock (NASDAQ:TSLA); Will the Rally Hit a Pause? (TipRanks)
Story Highlights: Cathie Wood continues to sell Tesla stock. Tesla remains her top holding in the Ark Innovation ETF. After selling 393,000 shares of Tesla (NASDAQ:TSLA) earlier this month, popular hedge fund manager Cathie Wood once again trimmed her holdings in the EV (Electric Vehicle) giant. Her flagship fund, Ark Innovation ETF (ARKK), sold another 62,415 shares of TSLA. Despite the recent selling, Tesla remains the top holding of ARKK, implying the fund manager remains upbeat about the stock and expects the rally to sustain.
New China-Focused Hedge Fund Bucks Trend to Raise More Than $100 mln (Reuters)
A new China-focused hedge fund, led by a former Hillhouse Capital Management fund manager, has raised between $100 million and $150 million, marking one of the strongest launches for a China-focused fund this year. Hong Kong-headquartered Protium Capital Ltd, a long-short equity fund, will begin trading in July. Its relatively robust start comes at a time when many funds have been slashing their exposure to the world’s second-largest economy, worried about trade and political tensions with the U.S. as well as a weaker-than-expected post-pandemic recovery.
This is Why Hedge Funds Worry About AI (AFR.com)
London | Hedge funds and other computer-driven trading firms are growing increasingly concerned about the threat that artificial intelligence presents to their profits, after a fake image of an explosion near the Pentagon triggered a brief sell-off in US stocks. The S&P 500 index fell 0.3 per cent within 30 minutes late last month after a viral tweet from a blue tick verified Twitter account showed the image of an explosion that never happened. The image, which spread rapidly on social media and was quickly shown to be fake, is likely to have been AI-generated, investigative website Bellingcat and others have speculated.
Friday 6/16 Insider Buying Report: COHR, SMAR (Nasdaq.com)
At Coherent, a filing with the SEC revealed that on Wednesday, Director David L. Motley purchased 6,041 shares of COHR, at a cost of $49.62 each, for a total investment of $299,741. Motley was up about 15.7% on the purchase at the high point of today’s trading session, with COHR trading as high as $57.39 at last check today. Coherent is trading up about 6% on the day Friday. This purchase marks the first one filed by Motley in the past twelve months. And at SmartSheet, there was insider buying on Tuesday, by Director Michael P. Gregoire who purchased 3,800 shares for a cost of $39.38 each, for a trade totaling $149,644. This purchase marks the first one filed by Gregoire in the past year. SmartSheet is trading off about 3.2% on the day Friday. So far Gregoire is in the green, up about 11.6% on their purchase based on today’s trading high of $43.96.
AMD, Dropbox And 2 Other Stocks Insiders Are Selling (Benzinga)
AMD: The Trade: Advanced Micro Devices, Inc. (AMD) President, AMD Victor Peng sold a total of 105,000 shares at an average price of $124.57. The insider received around $13.08 million from selling those shares. Rockwell Automation: The Trade: Rockwell Automation, Inc. (ROK) President and CEO Blake D Moret sold a total of 4,855 shares at an average price of $315.00. The insider received around $1.53 million from selling those shares.
