Tesla rallies after Ark Invest predicts $3,000 stock price

Shares of Tesla jumped over 6pc on Monday, getting a lift from a bullish report from Ark Invest, an influential shareholder in the electric car maker.

Ark Invest said in a report on Friday it expects Tesla’s stock price to more than quadruple to $3,000 by 2025. Tesla was last trading at $698 a share.

The asset management company run by Cathie Wood also predicted Tesla’s electric vehicle revenue would reach between $234 billion and $367 billion by 2025.

Tesla’s total revenue in 2020 grew 28pc to $31.5 billion.

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Popular with retail investors, the Ark Innovation exchange traded fund owns Tesla shares worth close to $2.5 billion. Tesla accounts for about 10pc of the $24 billion Ark Innovation fund, making it the fund’s largest investment.

Ark Innovation rose 2.5pc on Monday and is up over 200pc in the past 12 months.

Tesla is down over 20pc from its January record high and is up around 700pc over the past 12 months.

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