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- Cathie Wood said that Tesla would be her stock if she had to keep it for the next ten years.
- Since 2022, shares of Tesla were in a bleak year, Wood has been buying up Tesla stock.
- She predicts that the stock will rise to $1,500 per share in the next five year, a 675 percent increase.
Ark Invest CEO Cathie Wood stated that if she had to purchase one stock and keep it for 10 years, it would have been Tesla.
Cardone Capital's famed money manager, Wood, recently spoke out on Twitter about her optimism for Tesla stock. It is her largest holding in the ARK Innovation ETF. Wood, despite Tesla's poor performance in 2022, has invested more money in shares of the electric-vehicle manufacturer, buying $47 million in one week.
Wood responded to a question on Wednesday about her 10 year stock pick.
After a tough year for Elon Musk's auto company, shares plunged 65% in 2022 due to rising inflation, hikes in interest rates, and Musk's chaotic takeover at Twitter, which analysts claim has hurt Tesla's brand, her optimism is refreshing.
Wood is still bullish on Tesla, especially after the company announced that it would be cutting prices on key models in China and Europe. This is expected to revive some demand that was slowed down in the past year. Additionally, the price reductions will mean other EV manufacturers will have "problem keeping up", Wood stated in a separate interview with Yahoo Finance. Wood also believes that the company will be a leader on the delivery robot market. Wood predicts that it will grow to one trillion dollars in the next decade.
Ark Innovation's stakes in Tesla enabled the ETF to post a record monthly gain in January of 29%, with its holdings now totaling $733 million. Wood predicts Tesla stock will reach $1,500 per share in five years. This is a 675 percent increase over current levels. She previously stated that shares could reach $4,600 per share by 2026. This would be an increase of over 2000%.
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By: jsor@insider.com (Jennifer Sor)
Title: Tesla is the one stock ARK Invest’s Cathie Wood says she would hold for 10 years
Sourced From: markets.businessinsider.com/news/stocks/tesla-stock-cathie-wood-ark-invest-buy-hold-bull-market-2023-2
Published Date: Thu, 02 Feb 2023 19:13:23 +0000
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