(Reuters) – Tesla shares jumped over 6% on Monday, receiving a lift from a bullish report from Ark Invest, a influential shareholder in 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 last traded at $ 698 a share.
The asset management company run by Cathie Wood also expected Tesla electric vehicle revenues to reach between $ 234 billion and $ 367 billion by 2025.
Tesla’s total revenue in 2020 grew 28% to $ 31.5 billion.
Quite common with retail investors, Tesla’s Ark Innovation trading fund holds nearly $ 2.5 billion. Tesla makes up about 10% of Ark Innovation’s $ 24 billion fund, making it the largest investment in the fund.
Ark Innovation rose 2.5% on Monday and is up more than 200% in the last 12 months.
Tesla is down more than 20% from the record high in January and is up about 700% over the past 12 months.
Reporting by Noel Randewich in Oakland, California; Edited by Lisa Shumaker