Ark Investment Management founder and CEO Cathie Wood was one of the most notable bulls Tesla Ing (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 Tesla’s strong access barriers. The company features strong technology, a history of mileage management, over-the-air updates and battery technology, she said.
‘Did not think [the] the money will be without money, ”Wood said when she added more shares in 2018.
Wood spoke extensively about Tesla’s future plans for autonomous management and robotics: “Our belief in its autonomous strategy has increased over the past few months.”
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Tesla In Ark Funds: Tesla was a strong artist of Ark Funds. The stock alone contributed a 320 basis point increase to the Ark Fund portfolio in 2019. Wood says the figure was even higher in 2020, but they are waiting for the exact number.
- Tesla is the largest position in the Ark Next Generation Internet ETF (NYSE: ARKW) which represents 9.3% of the assets.
- Tesla makes up 10% of the flagship Ark ETF, the Ark Innovation ETF (NYSE: SHEETS).
- The Ark autonomous technology and robotics ETF (NYSE: ARKQ) holds 10.2% of the assets in Tesla shares.
Tesla rating: Wood said Ark’s conviction of autonomous cars has increased. According to the CEO, the fund management company is working on a new price target for Tesla.
“Fit our model,” Wood said.
A new Ark Funds blog post will be released soon with the new price target: “Stay tuned,” she teased.
Wood famously predicted that Tesla shares would fetch $ 4,000. The target price was issued in 2018 and was achieved in January 2021 on a split-adjusted basis.
TSLA Price Action: Shares in Tesla closed 5% on Wednesday to $ 653.20.
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