Ark Investment Management founder and CEO Cathie Wood has been one of the most notable bullfights in 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.
Tesla Wood: Wood highlighted Tesla’s strong barriers to entry. The company has strong technology, a history of kilometers traveled, over-the-air updates and battery technology, she said.
“I did not think [the] the company was running out of money, “said Wood when discussing why he added more shares in 2018.
Wood has been talking a lot about Tesla’s future plans for autonomous and robotic driving: “Our belief in its autonomous strategy has increased in recent months.”
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Tesla In Ark Funds: Tesla has been a great performer for Ark Funds. The stocks alone contributed an increase of 320 basis points to the Ark Fund portfolio in 2019. Wood said the number was even higher in 2020, but they are expecting the exact number.
- Tesla is the largest position in the Ark Next Generation Internet ETF (NYSE: ARKW) representing 9.3% of assets.
- Tesla represents 10% of the Ark ETF flagship, the Ark Innovation ETF (NYSE: ARKK).
- THE Ark Autonomous Technology and Robotics ETF (NYSE: ARKQ) has 10.2% of Tesla’s equity assets.
Tesla rating: Wood said Ark’s condemnation of self-driving cars has increased. The CEO said the fund manager is working on a new price target for Tesla.
“We just finished our model,” said Wood.
A new blog post will be launched soon by Ark Funds with the new target price: “Stay tuned”, she teased.
Wood predicted that Tesla’s shares would reach $ 4,000. The target price was issued in 2018 and was reached on a split-adjusted basis in January 2021.
TSLA Price Action: Tesla shares closed down 5% to $ 653.20 on Wednesday.
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