Coinbase Stock Gains As Cathie Wood Buys $18M In COIN Shares
Highlights
- Cathie Wood's ARK Invest has bought additional shares of Coinbase.
- It invest more than $18 million in COIN stock amid bullish ratings by Wall Street analysts.
- The Investment firm also reshuffled its portfolio in Robinhood, Block Inc., and SpaceX stocks recently.
ARK Invest, led by Cathie Wood, poured in more than $18 million into the Coinbase stock. Thereafter, the COIN share price gained in the pre-market trading session today despite a notable dip on Wednesday.
Cathie Wood’s ARK Invest Makes Bullish Trade On Coinbase Stock
Cathie Wood seems to have bought the dip in Coinbase stock, which closed $164.92, down by 2.57% on June 17. For context, ARK Invest purchased $18.4 million worth of COIN shares through three funds.
ARK Innovation ETF (ARKK) made the largest addition by buying 82,556 shares of Coinbase worth $13.61 million at close, per a recent disclosure. Meanwhile, ARK Next Generation Internet ETF (ARKW) bought 20,268 shares of Coinbase worth around $3.34 million.
Further, ARK Fintech Innovation ETF (ARKF) raked in additional 8,975 COIN shares valued at $1.48 million. With this, the Cathie Wood-led firm added a total of 111,799 shares of Coinbase.
After ARK Invest’s disclosure, the COIN price today surged 2.30% to $168.70 in the pre-market trading session on Thursday, June 18.
Meanwhile, Coinbase’s recent System Update event has kept Wall Street analysts guessing about the company. Despite the latest product launches, Barclays reiterated its underweight stance on the Coinbase stock and kept its price target for Barclays at $107.
Others were more positive. Benchmark maintained its ‘buy’ rating and $270 price target. It stated that Coinbase is becoming more than just a crypto brokerage and could attract users and institutions from other industries to its platform.
In addition, Bernstein retained its buy rating and held onto its Street high price target of $330. Meanwhile, Cantor Fitzgerald also doubled down on its buy rating on COIN stock and $250 price target. For this target, it spotlighted the on-going product development and expansion efforts as important growth drivers.
Other Trades By ARK Invest In Crypto & AI Sector
Along with ARK’s new acquisition of Coinbase, Cathie Wood’s team made other major stock movements. The firm sold 275,572 shares of Robinhood Markets worth $28.5 million via ARKK, during a bullish session for the stock.
On Wednesday, Robinhood stock rallied 8.78% to close at $105.20, which could suggest a profit taking move on the part of ARK. Meanwhile, ARKK made an investment in Block Inc. for 236,759 shares for $17.24 million.
Moreover, the Coinbase stock acquisition comes on the heels of another big ARK investment. Recently, Cathie Wood bought over 3.29 million shares of SpaceX stock during the June 12 IPO across four ETFs. Its stake has surged in value from around $529.7 million to over $631 million within days.
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