Cathie Wood continues to bet on Tesla (NASDAQ:TSLA) stock following the electric vehicle (EV) company’s latest earnings report.
Cathie Wood’s ARK Innovation ETF (NYSEARCA:ARKK) and ARK Next Generation Internet ETF (NYSEARCA:ARKW) both picked up extra shares of TSLA stock on Wednesday. ARKK bought 163,495 shares while ARKW picked up 27,481 shares of the EV maker.
In total, Wood now owns more than $800 million worth of TSLA stock across Ark Invest. That includes shares held by ARK Innovation ETF, ARK Next Generation Internet ETF and the ARK Autonomous Technology & Robotics ETF (BATS:ARKQ).
Why Cathie Wood Is Bullish on TSLA Stock
Tasha Keeney, an Ark analyst, said the following about the firm’s stance on Tesla:
“We’ve actually modeled the opportunity in Robotaxis in autonomy, and if you look at the future of Tesla vehicles that are capable of becoming robotaxi enabled, and earning a recurring revenue stream at what we think will be a software as a service like margins, this is an amazing potential for Tesla […] It’ll definitely be the highest return on investment per battery produced, as we’ve analyzed in our new report.”
Wood has even gone so far as to say that she expects TSLA stock to eventually reach $2,000 per share. For comparison, TSLA shares closed out trading on Wednesday at $153.75 each. That represents a roughly 1,200% upside for the stock.
TSLA stock is up 1.3% as of Thursday morning and is up 44% year-to-date (YTD).
There’s more stock market news traders will want to know about below!
We’ve got all of the hottest stock market stories worth reading about on Thursday! Among that is what has shares of Eli Lilly (NYSE:LLY), Bed Bath & Beyond (NASDAQ:BBBY) and Southwest Airlines (NYSE:LUV) stock moving today. We’ve got all that news ready with the following links!
More Thursday Stock Market News
- LLY Stock Alert: Mounjaro Takes Eli Lilly to the Next Level
- Dear BBBY Stock Fans, Mark Your Calendars for May 3
- Why Is Southwest Airlines (LUV) Stock Falling Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.