COIN

Generation

<p>ARK Invest, one of the leading institutional backers of Coinbase Global (COIN), made a significant move last Friday by offloading nearly half a million shares of the Nasdaq-listed <a href="https://www.cryptopolitan.com/cryptocurrency-market-witnesses-massive/" rel="noopener noreferrer nofollow">cryptocurrency</a> exchange.&nbsp;</p>
<p>The sale, valued at approximately $90 million, comes in the wake of a surge in analyst upgrades following Coinbase’s impressive fourth-quarter results, which surpassed Wall Street expectations.</p>
<h2 class="wp-block-heading" id="ark-invest-s-sell-off">ARK Invest’s sell-off</h2>
<p>Led by Cathie Wood, ARK Invest sold 499,149 COIN shares across its various exchange-traded funds (ETFs). The divestment comprised 397,924 shares from the ARK Innovation ETF (ARKK), 45,433 shares from the ARK Next Generation Internet ETF (ARKW), and 55,792 shares from the ARK Fintech Innovation ETF (ARKF). As a result, ARK reduced its stake in Coinbase significantly, reflecting a notable shift in its investment strategy.</p>
<p>The sale by ARK Invest follows a remarkable uptick in Coinbase’s stock price, which soared nearly 27% to $180.31 over the past week. This surge was fueled by the company’s robust fourth-quarter financial results, which outpaced market expectations. In response, several prominent financial institutions upgraded their outlook on Coinbase.&nbsp;</p>
<p>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 raised their price targets for Coinbase, reflecting growing optimism among investors.</p>
<h2 class="wp-block-heading" id="mixed-analyst-sentiment">Mixed analyst sentiment</h2>
<p>Despite the positive sentiment from some analysts, others remained cautious about Coinbase’s prospects. JPMorgan criticized the exchange for its perceived lack of transparency regarding the impact of spot bitcoin exchange-traded funds on its business.&nbsp;<br>This skepticism highlights lingering concerns within the financial community regarding Coinbase’s ability to navigate regulatory challenges and adapt to evolving market dynamics. Similarly, Mizuho maintained its “underperform” rating on <a href="https://www.cryptopolitan.com/coinbase-removes-native-bitcoin-support/" rel="noopener noreferrer nofollow">Coinbase</a> stock and retained a price target of $60, citing concerns about its performance.</p>

ARK Invest sells $90 million worth of Coinbase shares amid analyst upgrades

Table of Contents

Cryptopolitan_News

Другие статьи, опубликованные 19 февр. 2024 г.

Crypto Euphoria: Digital Asset Funds Sees $2.4 Billion Inflows – Here Are The Key Factors Behind It

Bored Ape NFT Regains Its Initial Traction – Its NFT Sales Jump +180% Today

Ex-Ripple leader now CEO of crystal blockchain firm

Significant Token Unlock Events in the Crypto Market

Shibarium's Growth Trajectory: How Will Upcoming Upgrades Impact its Market?

Bitcoin ETFs: Traders Dominate Flows as Analyst Warns of Potential Market Risks

Join our free newsletter for daily crypto updates!