Business

Tesla jumps 6% after Ark Invest predicts $3,000 stock price

By Tanvi Sabharwal

Shares of Tesla jumped over 6% on Monday, helped by Ark Invest’s report that its stock will quadruple.

Ark Invest, an influential shareholder in the electric car maker, said in a bullish report on Friday, that it expects Tesla’s stock price to more than quadruple to $3,000 by 2025. Tesla was last trading at $698 a share.

The asset management company, run by Cathie Wood, also predicted Tesla’s electric vehicle revenue would reach between $234 billion and $367 billion by 2025.

Tesla’s total revenue in 2020 grew 28% to $31.5 billion.

Tesla accounts for about 10% of the $24 billion Ark Innovation fund, making it the fund’s largest investment. Ark Innovation, in reciprocation, owns Tesla shares worth close to $2.5 billion.

Ark Innovation rose 2.5% on Monday and is up over 200% in the past 12 months.

Tesla is down over 20% from its January record high and is up around 700% over the past 12 months.

Tags: Ark Innovation fund Ark Invest Tesla Tesla’s stock

Tanvi Sabharwal

Tanvi Sabharwal is a graduate in Economics with experience in marketing and strategy. A media enthusiast, she has a deep-rooted interest in social policy and development. Tanvi is currently working as a Business and Current Affairs reporter at USAnewshour.com and can be reached at tanvi.sabharwal21@gmail.com