'I think the shorts are going to be forced to cover as time goes on,' says Ark Investment Management founder and CEO Catherine Wood.
Tesla saw strong growth in overall revenue and unit sales "in an auto industry that is declining," she said. "We think total auto sales have peaked." Wood added, referring to Tesla's financials, "This is quite dramatic."
Ahead of Wednesday's Q3 earnings, Ark sold 150,000 Tesla shares. However, the investment group told CNBC that its "conviction in Tesla has not changed." Tesla is still the top holding in Ark's exchange-traded funds.on Wednesday afternoon that the share sale was "more a portfolio management thing." Some of the Ark funds have rules that no one stock can be more than 10% of the portfolio.
With just more than 179 million shares currently outstanding, Wood's Tesla target would translate into a stock market value well above $700 billion, approaching those of the world's biggest tech giants. But that would be a long road ahead, considering Tesla's current market cap is just over $53 billion and how volatile a stock Tesla can be.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Tesla stock rallies 17% after surprise quarterly profitTesla Inc. shares rallied 18% late Wednesday after the Silicon Valley car maker reported a surprise quarterly profit and said key projects were ahead of...
Weiterlesen »
Shorts betting against Tesla lose more than $1 billion in single day as stock surgesTesla popped 16.5% Thursday, meaning short sellers betting against the stock are on track for $1.4 billion in mark-to-market losses.
Weiterlesen »
What to watch: Busiest Q3 earnings day and Tesla shares surge on surprise profitAfter Wall Street managed to eke out small gains Wednesday, a similar session appears ahead today, with U.S. stock futures modestly higher.
Weiterlesen »
Tesla shares soar on surprise profitTesla was back in the black during the third quarter of 2019.
Weiterlesen »
Stocks making the biggest moves after hours: Tesla, Ford, PayPal and moreSee which stocks are posting big moves after the bell on Wednesday.
Weiterlesen »
Here's what every major analyst is expecting from Tesla earnings after the bellWall Street analysts predict what will happen with Tesla's earnings report on Wednesday after the bell.
Weiterlesen »