Cathie Wood's Ark Invest made waves in April when the company released its forecast on Tesla, claiming that the electric vehicle company will be worth $2,000 per share by 2027. At the time, Tesla's stock was trading at $160 per share, less than 10% of Ark's meteoric prediction.
Since then, the stock has surged, peaking at $291 in mid-July before falling off slightly. It closed Aug. 10 at $245, a significant jump from April, but still far from that $2,000 prediction.
DON'T MISS: Elon Musk On Tesla's Stock "10X-ing" as Cathie Wood Has Predicted
Despite Ark's extremely bullish outlook on the company -- and its leader, Elon Musk -- even Ark is not averse to cashing out a little bit sometimes. Ark's flagship Innovation fund sold 72,631 shares of Tesla Aug. 10, worth a little shy of $18 million. And Ark's Autonomous Tech and Robotics ETF sold 3,794 shares of the company, worth a little less than $1 million.
Even though (TSLA) -) beat analyst expectations for its second-quarter earnings, the company's shares took a nearly 10% tumble on July 20 on reports of low gross margins and the potential of more price cuts. The EV giant's revenue grew 47% to $24.93 billion for the quarter, with earnings of 91 cents per share.
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The company announced Aug. 7 that its Chief Financial Officers Zachary Kirkhorn was stepping down, concluding Kirkhorn's four-year tenure in the role. Tesla's stock has continued to slip lower, with Bernstein analyst Tony Sacconaghi saying that the CFO's exit is "tough to spin positively."
"This doesn't sound like investors need to run for the hills, but clearly Kirkhorn made a personal decision that sticking around wasn't worth it," he said.
Still, Tesla is up 99.17% for the year.
"I have very high confidence in the long-term value of Tesla, I see it, I really see a path to a 10x, maybe call it a 5x increase in the value of the company," Musk said during Tesla's earnings call. "Maybe a 10x. Where things go along the way, the trials and tribulations and the mood of the markets, one cannot predict."
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