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Ark Investment Management Founder & CEO Cathie Wood Was One Of The Most Outstanding Sires Tesla Inc (NASDAQ: TSLA) over the years. She joined Benzinga’s “Raz Report” on Wednesday for an exclusive interview and shared her thoughts on Tesla.
Wood on Tesla: Wood highlighted the strong barriers to entry for Tesla. The company has solid technology, a history of live updates, and battery technologies that have traveled miles, she said.
“I did not think [the] The company was going to run out of money, ”Wood said when explaining why she added more shares in 2018.
Wood has been very vocal about Tesla’s future autonomous driving and robotaxis plans: “Our belief in its autonomous strategy has grown over the past few months.”
Related Link: Roku To Take Lion’s Share Of Streaming TV Market, Says Cathie Wood
Tesla in Ark funds: Tesla was a strong performance for Ark Funds. The stock alone contributed to a 320 basis point increase in the Ark fund’s portfolio in 2019. Wood said the number was even higher in 2020, but they are waiting for the exact number.
- Tesla is the largest position in the Internet Ark Next Generation ETF (NYSE: ARKW) representing 9.3% of the assets.
- Tesla represents 10% of the flagship Ark ETF, the ETF Ark Innovation (NYSE: ARKK).
- The ETF Autonomous Technology and Ark Robotics (NYSE: ARKQ) owns 10.2% of the assets in Tesla shares.
Tesla Rating: Wood said Ark’s conviction for self-driving cars has increased. The CEO said the fund management company is working on a new price target for Tesla.
“I just finished our model,” said Wood.
A new blog post will soon be published by Ark Funds with the new price target: “Stay tuned,” she teased.
Wood predicted Tesla’s stock would hit $ 4,000. The target price was issued in 2018 and was met on a split-adjusted basis in January 2021.
TSLA Price Action: Tesla shares closed 5% lower at $ 653.20 on Wednesday.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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