Cathie Wood’s Ark Invest made headlines earlier this year with its bold prediction that Tesla’s stock would be worth $2,000 per share by 2027. At the time of the forecast, Tesla’s stock was trading at just $160 per share. Since then, the stock has seen a significant rise, reaching a peak of $291 in mid-July before experiencing a slight decline. As of August 10th, the stock closed at $245, still far from Ark’s prediction but a substantial jump from its April value.
While Ark Invest remains bullish on Tesla and its CEO, Elon Musk, even they have decided to cash out a portion of their holdings. Ark’s flagship Innovation fund sold over 72,000 shares of Tesla, while their Autonomous Tech and Robotics ETF sold nearly 4,000 shares. Despite these sales, Tesla exceeded analysts’ expectations for its second-quarter earnings, with revenue of $24.93 billion and earnings of 91 cents per share. However, the stock experienced a nearly 10% drop in value on July 20th due to concerns about low gross margins and the potential for more price cuts.
Overall, Tesla’s stock has had a remarkable year, with a 99.17% increase in value. CEO Elon Musk remains confident in the long-term potential of the company, expressing his belief in a potential 5x to 10x increase in its value. Despite recent fluctuations and the departure of Chief Financial Officer Zachary Kirkhorn, investors and analysts alike continue to closely monitor Tesla’s stock and its future prospects.
Hashtags: #Tesla #stockmarket #investing #ArkInvest #CathieWood
SEO Keywords: Tesla stock, Ark Invest, Elon Musk, forecast, value, share, increase, sales, earnings, revenue, fluctuations, CFO, future prospects.
Image: https://i0.wp.com/weeklyfinancenews.online/wp-content/uploads/2023/08/elon3-1-scaled.jpeg
Comments are closed.