Shares of Tesla Inc. TSLA, +5.58% jumped 4% on the first trading day after one of the company’s biggest fans upped its price target considerably. ARK Invest, an active manager of exchange-traded funds that feature Tesla, said it expected the company’s shares to be worth $3,000 in 2025, up from roughly $681 Monday morning. ARK’s flagship fund, the Innovation ETF ARKK, +1.98%, has 10% of its portfolio devoted to Tesla shares, as does the ARK Autonomous Technology & Robotics ETF ARKQ, +0.54%. The Innovation ETF was up more than 1% Monday, while the Autonomous Technology fund was flat.
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