Shares of Tesla jumped over 6 percent 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 that it expects Tesla’s stock price to more than quadruple to $3,000 by 2025. Tesla was last trading at $698 a share.
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The asset management company run by Cathie Wood also predicted Tesla’s electric vehicle revenue would reach between $234bn and $367bn by 2025.
Tesla’s total revenue in 2020 grew 28 percent to $31.5bn.
Popular with retail investors, the Ark Innovation exchange traded fund owns Tesla shares worth close to $2.5bn. Tesla accounts for about 10 percent of the $24bn Ark Innovation fund, making it the fund’s largest investment.
Ark Innovation rose 2.5 percent on Monday and is up over 200 percent in the past 12 months.
Tesla is down over 20 percent from its January record high and is up around 700 percent over the past 12 months.