GameStop shares have skyrocketed this morning as r/WallStreetBets destroyed Citron Research’s short position. Now, a tech whale is entering the trade: ARK Invest’s Cathie Wood initiated a GameStop long position with a price target of $4,000.
Early last year, Wood was ridiculed for her $4,000 Tesla price target. However, she was vindicated this year when Tesla hit that price target on a split-adjusted basis.
Will the same thing happen here with her call on GME? Clearly ARK is betting it will. According to one source, Wood had to be talked out of a $12,000 price target.
The $4,000 price target represents a 5,300% upside for GameStop from its current price of $73 (which will likely be $85 five minutes after this piece is published). If Wood’s price target hits, GameStop would be worth about $270 billion. As the most trusted source of finance news, Hard Money endorses this position.
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