Cathie Wood’s Ark Invest Continues Coinbase Stock Selloff Ahead Q2 Earnings
Highlights
- Ark Invest dumps Coinbase stocks sparking speculations as the company's Q2 earnings approach.
- Coinbase Q2 earnings report is due later today.
- Meanwhile, Ark Invest's other trading strategies underscore shift in focus towards AI.
Cathie Wood-led investment management firm Ark Invest has once again offloaded a significant amount of Coinbase (COIN) shares ahead of the crypto firm’s Q2 earnings report. Data revealed today pointed to over 12,000 COIN shares sold recently, triggering concerns over a price dip in the crypto stock ahead. Meanwhile, market speculations over Wood’s firm capitalizing on the COIN stock’s highly bullish performance over the months also persist.
Cathie Wood’s Ark Invest Sells 12K COIN
As per an official post by Cathie Wood’s Ark Invest on X today, the firm sold a whopping 12,077 Coinbase Global Inc. shares worth $2.7 million as of July 31. This mover, emerging amid the crypto firm’s looming Q2 earnings report, due later today, has sparked global discussions.
It’s worth mentioning that Coinbase has outperformed its previous estimates, although the COIN stock price traded at $224.36, down marginally by 0.045% today. The crypto firm boasts an outstanding record of beating analysts’ estimates for revenue in six straight quarters, which garners attention to the mentioned selloff.
Wall Street analysts foresee COIN stock to witness quarterly EPS (earnings per share) of $1.07, indicating an increase of 354.8% YoY. Further, revenues are anticipated to reach $1.45 billion, a 104.9% surge from Q2 last year.
However, it’s also worth noting that analysts have collectively reduced the current quarterly estimates of EPS by 1.5% within the past 30 days. Nevertheless, the rise in cryptocurrency industry’s popularity post-Bitcoin and Ethereum ETFs has offered a bullish stage to crypto stocks.
Additionally, Cathie Wood’s firm also showcased shift of funds towards the booming AI sector, as per recent trades.
Also Read: Upbit, Coinone, Bithumb Face New Fees Under South Korea’s Crypto Law
Ark Invest Shifts Focus To AI?
Other trades as of July 31 showcased a significant purchase of Advanced Micro Devices (AMD) shares. Notably, Ark Invest bagged a whopping 328,527 AMD shares, igniting an optimistic tide amid burgeoning AI adoption across the globe.
Meanwhile, the Cathie Wood-led firm heavily bagged Tesla (TSLA) shares recently, further solidifying sentiments of the company’s shift of focus towards artificial intelligence. Intriguingly, the recent buzz surrounding Elon Musk‘s Tesla eyeing an AI and robotics-focused future has also weighed in.
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