On Thursday, Cathie Wood-led Ark Invest made a significant move by selling shares of Coinbase Global Inc COIN, despite the stock’s positive market performance on the same day.
The COIN Trade
Ark Invest’s decision to offload Coinbase shares came as a surprise to many, given the stock’s upward trajectory on the day of the trade. Notably major cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD traded mixed at the time of writing. The apex cryptocurrency was seen 2.7% higher at $67,632.08, while Ethereum traded 0.3% lower at $3,268.90.
According to a Benzinga report, Coinbase shares were trading higher on Thursday. The ETFs involved in the trade were Ark Fintech Innovation ETF ARKK and ARK Next Generation Internet ETF ARKW, which sold 22,690 and 2,972 shares respectively. The value of the trade, calculated from the latest closing price of $249.61, amounted to approximately $6.4 million.
Interestingly, the sale occurred on the same day that New York-based financial firm Oppenheimer raised its share price target for Coinbase to $276, up from a previous target of $200. This new target price is around 10% higher than Wednesday’s closing share price of Coinbase, which was $251.58.
Other Key Trades:
- ARKF bought shares of SoFi Technologies Inc SOFI and of Roblox Corp RBLX.
- ARKF sold shares of Twilio Inc TWLO, while ARKG bought those of 10x Genomics Inc TXG and of Verve Therapeutics Inc VERV.
- ARKW bought shares of Roku Inc ROKU and sold shares of Twilio Inc TWLO.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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