Cathie Wood remains strongly bullish on Tesla Inc (NASDAQ: TSLA) even though the electric vehicles manufacturer has lowered its outlook for deliveries this year.
How many shares did she buy this time?
The Nasdaq-listed firm no longer expects a 50% annualised growth in deliveries after its third-quarter sales came in shy of Street estimates.
Still, Cathie Wood, bought another 66,190 shares of the EV company this past Thursday as the stock slid about 8.0% following the quarterly update. That’s on top of over 132,000 she bought earlier this month when Tesla said it delivered less than expected vehicles in Q3.
“TSLA” is the largest holding in her flagship Ark Innovation ETF that’s down more than 55% for the year.
For the year, the Tesla stock is down nearly 50%. Stocks she sold on Thursday include Nvidia Corporation and some gene-editing names, including Crispr Therapeutics.
Wood expects Tesla stock to be worth $1,500
For the long term, there aren’t many who are as bullish on Tesla as Cathie Wood. She expects the stock to be worth more than $1,500 by 2026. Currently, it’s trading not even at 20% of that valuation.
Nonetheless, that aggressive price objective does sound in tune with one other prominent name – and that’s Elon Musk himself.
On the earnings call this week, the Chief Executive of Tesla Inc made a rather bold statement that his company could, some day, be worth more than Apple Inc and Saudi Aramco combined (source). Each of those two companies are worth more than $2.0 trillion at present.