The post ARK Dumps $90M Worth of Coinbase Shares After Q4 Earnings appeared on BitcoinEthereumNews.com.

ARK Invest sold nearly 500,000 shares of Coinbase from its three funds, worth around $90 million, on Friday. Coinbase shares rose nearly 27% last week and led to several analyst upgrades. Coinbase Global (COIN), the Nasdaq-listed cryptocurrency exchange, saw one of its largest institutional supporters, ARK Invest, sell about $90 million worth of its shares on Friday. This happened after the exchange posted strong fourth-quarter earnings that led to several analyst upgrades. Coinbase shares surged nearly 27% to $180.31 last week, following its fourth-quarter results that exceeded Wall Street expectations. ARK Invest, the investment firm led by Cathie Wood, sold a total of 499,149 COIN shares from its three funds: 397,924 COIN shares from ARK Innovation ETF (ARKK), 45,433 shares from ARK Next Generation Internet ETF (ARKW), and 55,792 shares from ARK Fintech Innovation ETF (ARKF).  Mixed Reaction by Analysts The positive results prompted several analysts to upgrade the stock and raise their price targets. For instance, KBW changed its rating from underperform to market perform and increased its price target from $93 to $160. Wedbush, Canaccord Genuity, and JMP Securities also boosted their price targets. However, not all analysts were bullish on Coinbase, as some criticized the exchange for its lack of transparency on how the spot bitcoin exchange-traded funds (ETFs) affected its business. JPMorgan said that Coinbase did not provide enough details on the impact of the ETFs on its trading fees and volumes. Mizuho also remained skeptical of Coinbase’s performance and kept its underperform rating and $60 price target. In addition to selling Coinbase shares, ARK Invest also offloaded $6.72 million worth of shares of Robinhood (HOOD), the online trading platform, on Friday. Highlighted Crypto News Today: Grayscale’s GBTC Outflows Slow, Analysts Caution on Further Decline Source: https://thenewscrypto.com/ark-dumps-90m-worth-of-coinbase-shares-after-q4-earnings/

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Filed under: News - @ February 20, 2024 4:10 am