Tesla Jumps 6% as Ark Invest Predicts $ 3,000 Stock Price by 2025 | Automotive Industry News
The asset management company led by Cathie Wood also said Tesla’s electric vehicle revenue could reach $ 367 billion by 2025.
Tesla shares jumped more than 6% on Monday, thanks to a bullish report from Ark Invest, an influential shareholder in the electric car maker.
Ark Invest said in a report Friday that it expects Tesla’s share price to quadruple to $ 3,000 by 2025. Tesla last traded at $ 698 per share .
The asset management company led by Cathie Wood also predicted that Tesla’s electric vehicle revenue would reach between $ 234 billion and $ 367 billion by 2025.
Tesla’s total revenue in 2020 increased 28% to $ 31.5 billion.
Popular with retail investors, the Ark Innovation exchange-traded fund owns Tesla shares worth nearly $ 2.5 billion. Tesla represents around 10% of the $ 24 billion Ark Innovation fund, making it the fund’s largest investment.
Ark Innovation rose 2.5% on Monday and more than 200% in the past 12 months.
Tesla is down more than 20% from its January record and up around 700% in the past 12 months.