Skip to content Skip to sidebar Skip to footer

ARK Invest Unloads $90 Million Worth of Coinbase Shares Amidst Analyst Upgrades

Cathie Wood’s ARK Invest sold approximately $90 million worth of Coinbase Global (COIN) shares on Friday, capitalizing on the cryptocurrency exchange’s recent surge in value following impressive fourth-quarter earnings. The sale involved 499,149 shares distributed across three of ARK’s prominent funds, namely ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).

Coinbase’s strong financial performance in the fourth quarter, surpassing Wall Street expectations, triggered a positive response from the analyst community, prompting a series of upgrades. The exchange reported earnings that exceeded projections, leading to a remarkable 27% surge in its shares, reaching $180.31 last week.

ARK Invest, a major institutional supporter of Coinbase, made the decision to offload 397,924 COIN shares from ARK Innovation ETF, 45,433 shares from ARK Next Generation Internet ETF, and 55,792 shares from ARK Fintech Innovation ETF. The total number of shares divested amounted to 499,149, marking a significant transaction in the cryptocurrency market.

Analysts at Keefe, Bruyette & Woods (KBW) upgraded Coinbase’s stock rating to market perform from underperform, concurrently raising the price target to $160 from $93 post the stellar earnings report. Similarly, analysts from Wedbush, Canaccord Genuity, and JMP Securities also increased their price targets, reflecting a more bullish sentiment towards Coinbase’s future prospects.

Despite the overall positive response, some analysts adopted a more cautious stance. JPMorgan criticized Coinbase for its perceived lack of transparency regarding the impact of spot bitcoin exchange-traded funds on its business. Mizuho, while acknowledging the positive earnings, maintained its underperform rating and retained a $60 price target, highlighting a divergence of opinions within the analyst community.

This strategic move by ARK Invest underlines the dynamic nature of the cryptocurrency market, where investors navigate the landscape based on both market performance and evolving analyst sentiments. As Coinbase continues to shape its narrative in the financial space, the differing perspectives among analysts add an element of uncertainty to the exchange’s future trajectory.

Leave a comment

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain & crypto news provider, covering daily news focused on trading and investment developments in bitcoin and crypto. We bring you expansive crypto news coverage around the world. We offer many thought leadership opinions from blockchain experts and leaders of the industry.

Subscribe to SCN

© Copyright of Novum Global Consultancy Pte Ltd {2020-2023}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in blockchain, crypto, Web3, fintech and technology.

Follow Us On

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us