Cathie Wood is turning heads on Wall Street yet again. The ARK Investment Management CEO has released the company's latest price target on Tesla (TSLA 1.50%), suggesting that shares of the electric vehicle (EV) maker could surge 358% from Friday's closing price to $3,000 over the coming five years.  

This would push its market cap to $1.5 trillion and amount to more than 50% stock price gains each year between now and 2025. Wood calculates that there's a 50% chance the stock reaches this lofty goal.

A blue Tesla model 3 speeding down the road.

Image source: Tesla.

And the bull case is even higher, with the stock rising to as high as $4,000, an increase of more than 500%.

It's worth noting that the new price target is more than double the split-adjusted $1,400 five-year price target that Wood released just last year. ARK Invest says it used 34 inputs and a massive 40,000 computer simulations to arrive at the 2025 Tesla price target. Even the bear case of $1,500 envisions as much as 129% upside.

Wood made what was considered a radical call back in 2018, suggesting that Tesla stock would hit $4,000 per share. At the time, the stock was trading around $300, suggesting potential gains of roughly 1,200%. The EV maker surpassed that split-adjusted milestone in early 2021, a full two years ahead of schedule.

Tesla has consistently proved the naysayers wrong, so Wood's prediction may end up being conservative. CEO Elon Musk raised eyebrows when he set a goal for Tesla to deliver a whopping 500,000 vehicles during 2020. The company shipped a record 499,550 during the year, an accomplishment that was made all the more remarkable considering it happened amid the throes of a global pandemic. 

While Wood's price target might seem like pie in the sky, she has a remarkable track record for her successful calls on technology. And as Musk has shown time and again, betting against him is a fool's errand.