Crypto News- ARK Invest, led by Cathie Wood, recently made headlines as they offloaded nearly half a million shares of Coinbase Global (COIN) last Friday, totaling around $90 million. This move coincided with a surge of analyst upgrades for the Nasdaq-listed cryptocurrency exchange following its impressive fourth-quarter results, which surpassed Wall Street’s expectations.
Being one of Coinbase’s significant institutional supporters, ARK Invest sold 397,924 COIN shares from its ARK Innovation ETF (ARKK), 45,433 shares from ARK Next Generation Internet ETF (ARKW), and 55,792 shares from ARK Fintech Innovation ETF (ARKF), resulting in a total of 499,149 shares sold.
Cathie Wood’s ARK Sells 90 Million Dollars Worth of Coinbase Shares Following Multiple Analyst Upgrades
Coinbase’s stock experienced a notable uptick, climbing nearly 27% to $180.31 last week, driven by its positive fourth-quarter performance. Following these results, KBW upgraded the stock to “market perform” from “underperform” and raised its price target to $160 from $93. Additionally, analysts at Wedbush, Canaccord Genuity, and JMP Securities also raised their price targets for the company.
However, not all analysts shared the same optimism. JPMorgan criticized Coinbase for its lack of transparency regarding how spot bitcoin exchange-traded funds contributed to its business. Meanwhile, Mizuho maintained its underperform rating on Coinbase and a price target of $60, expressing concerns about the company’s overall performance.
Leave a comment