Cathie Wood's Ark Invest had a great first quarter. Its flagship Ark Innovation ETF (NYSEMKT: ARKK) is up 25% so far in 2023, crushing the 7% return of the S&P 500. Some of that ETF's gain came from the strong performance of its largest holding, Tesla (NASDAQ: TSLA).

While Tesla's 56% gains so far in 2023 helped this asset management firm perform well, Ark Invest actually sees monumental gains on the horizon for Tesla. Wood and her team estimate Tesla's share price will reach $1,533 by 2026, which implies 697% upside from its current price.

Given this strong vote of confidence, is this electric car stock worth buying?

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Source Fool.com