Cathie Wood sells more than $100 million of Tesla stock despite saying it will rise over 300%

• Cathie Wood's Ark Invest sold more than $100 million of Tesla stock on Wednesday, its filings show.
• Wood has previously said she likes to trade around stocks' volatility and take profit after shares have risen.
• Yet Tesla has also been struggling with global supply chain problems, according to its CEO Elon Musk.

Cathie Wood's Ark Invest has sold more than $100 million of $4 stock despite giving the electric car company a $3,000 price target - 300% higher than Thursday's $755 closing price.

On Wednesday, Ark sold a combined 142,708 Tesla shares, worth around $109 million, its daily $4 showed.

Ark did not give a reason for the share sales, but Wood has previously said that she likes to trade around the volatility in Tesla stock.

She $4 in 2020 that she likes to take some profit every now and then and buy the dips when stocks fall. Tesla rose sharply on Tuesday, jumping 2.6% from $733.57 to a closing price of $752.92, $4 on the back of rising car sales in China. The shares were little changed in Friday's pre-market session, at around $758.19.

Wood is bullish on Tesla, $4 last week that she thinks its shares are worth around $3,000.

"Our estimate for Tesla's success has gone up. The main reason for that is their market share. Instead of going down from year-end 2017 to today, it has actually gone up fairly dramatically," Wood told Yahoo.

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However, Tesla has been caught up in the global supply chain problems that are hitting companies in the US and Europe as economies rapidly reopen. Tesla CEO Elon Musk $4 last week that "super crazy supply chain shortages" were delaying its new Roadster model until 2023.

Tesla remained the Ark Innovation ETF's biggest holding on Thursday, making up 10.6% of the fund. It holds 3.07 million Tesla shares worth $2.32 billion, Ark's data $4. Ark Invest did not immediately respond to a request for comment on the Tesla sale.

Wood, the founder and CEO of Ark Invest, shot to prominence in 2020 when her $4 exchange-traded fund rose 145%, according to Bloomberg data. It was boosted by big bets on tech firms such as Tesla, which soared 730% in 2020.

Tesla is up just 4.9% this year, thanks in part to a rotation away from flashy technology stocks towards companies that stand to do better during the economic rebound.