Tesla rallies after Ark Invest predicts $3,000 stock price

Noel Randewich
·1 min read
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FILE PHOTO: A Tesla logo on a Model S is photographed inside of a Tesla dealership in New York

By Noel Randewich

(Reuters) - Shares of Tesla jumped over 6% on Monday, getting a lift from a bullish report from Ark Invest, an influential shareholder in the electric car maker.

Ark Invest said in a report on Friday 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.

Popular with retail investors, the Ark Innovation exchange traded fund owns Tesla shares worth close to $2.5 billion. Tesla accounts for about 10% of the $24 billion Ark Innovation fund, making it the fund's largest investment.

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.

(Reporting by Noel Randewich in Oakland, California; Editing by Lisa Shumaker)