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Ark Invest sells $43.8 million worth of Coinbase stock
Gate News bot news, on July 1st, Cathie Wood's Ark Invest sold $43.8 million worth of Coinbase Global Inc. stock through its three exchange-traded funds to continue adjusting its portfolio related to Crypto Assets.
According to the latest trading report, the company reduced its holdings by a total of 124,892 shares of Coinbase stock on Monday. Among them, ARK Innovation ETF (ARKK) reduced 77,956 shares, ARK Next Generation Internet ETF (ARKW) reduced 29,802 shares, and ARK Fintech Innovation ETF (ARKF) reduced 17,134 shares.
Coinbase (COIN) closed down 0.83% on Monday, at $350.49. Over the past month, the stock has risen 42.12%, and is up 41.16% year-to-date. Analysts at research and brokerage firm Bernstein recently raised their price target for Coinbase from $310 to $510, citing improved earnings forecasts, emerging growth momentum, and an updated valuation framework.