'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.
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