Ark Investment Management founder and CEO Cathie Wood is one of the cows to watch out for. Tesla Inc. (NASDAQ: TSLA) Over the years, she attended Benzinga’s “Raz Report” Wednesday for an exclusive interview and shared her thoughts on Tesla.
Wood on Tesla: Wood highlighted the strong barrier for Tesla to come in.The company has strong technology, a history of miles of propulsion, over-the-air updates and battery technology, she said.
“I didn’t think. [the] The company is running out of money, ”Wood said when talking about why she added shares in 2018.
Wood is widely spoken of about Tesla̵7;s future plans for autonomous driving and robotics: “Our confidence in autonomous strategy has increased in the past few months.”
Related link: Roku Will Dominate Lion’s Streaming TV Market According to Cathie Wood
Tesla In Ark Fund: Tesla is a solid performer for Ark Funds.The stock alone contributed 320 basis points to the Ark Fund portfolio in 2019.Wood said the numbers were higher in 2020, but they are waiting for exact numbers.
- Tesla is the largest position in Ark Next Generation Internet ETF (NYSE: ARKW) accounts for 9.3% of assets.
- Tesla accounts for 10% of the flagship Ark ETF. Ark Innovation ETF (NYSE: ARKK)
- Ark Autonomous Technology and Robotics ETF (NYSE: ARKQ) holds 10.2% of shares in Tesla.
Tesla valuation: Wood said that Ark’s confidence in autonomous cars has increased. The CEO said the fund management company was working on setting new price targets for Tesla.
“Just finished our model,” Wood said.
A new blog post will be released soon from Ark Funds with a new target price: “Stay tuned”.
Wood predicted that Tesla shares would hit $ 4,000 at an exit target in 2018 and were hit by a split adjustment basis in January 2021.
TSLA Price Action: Tesla shares closed 5 percent to $ 653.20 on Wednesday.
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