Cathie Wood has now dumped $266 million of Tesla shares this month - despite being ultra-bullish on the stock

• Cathie Wood's Ark Invest has now sold more than $260 million of Tesla stock in September.
• That's despite the fact that she thinks Tesla is worth around 300% more than Wednesday's closing price.
• Wood has previously said she likes to take profit on stocks, but Tesla has run into some supply-chain issues.
• See more stories on Insider's business page.

Superstar investor Cathie Wood has now sold around $266 million of Tesla stock in September - despite predicting that the company is worth 300% more than Wednesday's closing price.

Wood's Ark Invest group sold 81,609 shares of the electric-car maker, worth around $62 million, on Wednesday, according to the company's daily trade information.

That takes total Tesla sales by Ark Invest's exchange-traded funds to around $266 million in September, according to Bloomberg calculations.

Ark did not give a reason for the sales. Insider has contacted the company for comment.

However, Wood has previously said that she likes to take profit after a company's stock has gained and to try to buy when they dip.

Wood explained her trading approach to CNBC last year. She said that when there's hype around a stock, "we naturally just take profits because we know we're going to get another opportunity associated with controversy to buy the stock lower."

Read more: Ryan Jacob's flagship tech fund has tripled the S&P 500 and returned 1,876% to investors over 24 years. He told us how he's done it, and 5 stocks he expects to lead his portfolio into the future.

Tesla's share price has risen more than 22% over the last three months, despite having a difficult start for the year.

Wood is highly bullish on the Elon Musk-led company, which remains Ark Invest's single biggest holding and made up 10.5% of the $26 billion Ark Innovation ETF as of Wednesday.

She told Yahoo Finance that she thinks the car maker is worth around $3,000, saying she's pleased with its growing market share. Tesla closed at $755,83 on Wednesday.

However, Tesla has been caught up in the global supply-chain problems that are hitting businesses in the US and Europe as economies rapidly reopen.

Company CEO Musk tweeted early in September that "super crazy supply chain shortages" were delaying its new Roadster model until 2023.