(Reuters) – Cathie Wood’s Ark Invest said it expects Tesla Inc’s stock price to hit the $ 3,000 mark by 2025.
Ark expects Tesla’s market cap to reach $ 4 trillion at best, according to a research note published here Friday.
The asset manager set the price target for Tesla at $ 1,500 per share on a bear basis by 2025 and $ 4,000 per share on a bull basis.
Last year, Ark Invest said it expected the company’s stock to hit $ 7,000 a share by 2024, or $ 1,400 when adjusted for the five-for-one stock split.
Since last year, when Ark released its previous note on Jan. 31, 2020, Tesla’s stock jumped a whopping 400% to $ 654.87 at Friday’s close.
Ark Invest also increased the likelihood that the electric carmaker would drive fully autonomously within five years, saying the company’s net autonomous revenue could reach $ 327 billion by 2025. It expects Tesla’s electric vehicle revenues to be between $ 234 billion. and $ 367 billion by 2025.
Tesla is the largest holding company of the $ 26.6 billion high-flying ARK Innovation exchange-traded fund and fund manager Wood, Ark’s CEO, has long been a Tesla bull.
Reporting by Aakriti Bhalla in Bengaluru; edited by Jonathan Oatis