Unusual Whales

Cathie Wood says she still has a $2,000 price target for Tesla, $TSLA

Unusual Whales -

Cathie Wood says she still has a $2,000 price target for Tesla, $TSLA.


Wood expressed her optimistic outlook for Tesla during an interview with CNBC, stating, "Now is not the time to run for the hills," despite Tesla shares declining more than 30% since the beginning of 2024.

She believes Tesla is on the brink of a turnaround, predicting that electric cars and trucks will make up 80% of all vehicle sales in a few years. Wood, a long-time Tesla supporter, previously set a price target of $5,000 per share for the stock.

Wood's bullish stance is based on Tesla's plans to introduce a robotaxi, which she believes could generate up to $10 trillion in revenue by 2030 and potentially "save lives."

ARK Invest, Wood's firm, purchased millions of dollars' worth of Tesla shares in the past week, anticipating a disappointing first-quarter sales report that further depressed the stock's value.

Tesla shares were trading at $166.34 per share in early Wednesday trade, down 33% for the year. Wood's ARK Innovation ETF (ARKK) has declined 9.4% year-to-date, while her ARK Autonomous Technology & Robotics ETF (ARKQ) has fallen 7.8%. The ARK Next Generation Internet ETF (ARKW) has increased by 5.5%. All three funds have Tesla as a top holding.

On Tuesday, Tesla shares dropped nearly 5% after the company reported lower-than-expected new vehicle deliveries for the first quarter, with deliveries actually decreasing compared to the same period last year.

Wood also commented on bitcoin's recent record-breaking surge, attributing it to widespread currency devaluations worldwide that have gone largely unnoticed.

"There is something else going on around the world. There are currency devaluations around the world that people aren’t talking about," Wood said.

Bitcoin reached a record high above $73,000 per coin on March 14. Many analysts credited the cryptocurrency's surge to the launch of several spot-bitcoin ETFs, including the ARK 21Shares Bitcoin ETF, which had over $2.5 billion in assets as of Tuesday.

Wood highlighted currency devaluations in Nigeria, Egypt, and Argentina as contributing factors to bitcoin's rally. She also noted that bitcoin surged last year following the collapse of several regional banks in the U.S., which triggered a brief panic with global implications.