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Nov. 23, 2020, 12:01 p.m. EST

Tesla-heavy ETFs ride along as company gets a price upgrade

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By Andrea Riquier

Exchange-traded funds with heavy exposure to Tesla Inc. outperformed midday Monday after an analyst upped his price target to $1,000 a share, representing about 93% upside for the stock, which was trading near $517. The ARK Innovation ETF /zigman2/quotes/204808965/composite ARKK -2.32% , with 11.4% of its portfolio in Tesla shares, rallied 1.6%, while the iShares U.S. Consumer Goods ETF /zigman2/quotes/210555216/composite IYK -0.97% , with 13.1% invested in Tesla, was up 0.7%. The SPDR NYSE Technology ETF /zigman2/quotes/204994658/composite XNTK -1.50% , which has over 12% of its holdings in the stock, also gained 0.7%. Tesla shares surged 5.6% Monday, and all the funds noted above were beating the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.72% , which ticked up 0.1%.

/zigman2/quotes/204808965/composite
US : U.S.: NYSE Arca
$ 141.91
-3.37 -2.32%
Volume: 9.49M
Jan. 15, 2021 8:00p
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/zigman2/quotes/210555216/composite
US : U.S.: NYSE Arca
$ 176.43
-1.72 -0.97%
Volume: 17,531
Jan. 15, 2021 8:00p
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/zigman2/quotes/204994658/composite
US : U.S.: NYSE Arca
$ 145.35
-2.22 -1.50%
Volume: 31,741
Jan. 15, 2021 8:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,768.25
-27.29 -0.72%
Volume: 2.74B
Jan. 15, 2021 5:18p
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