Cathie Wood's Ark Invest Unloads Coinbase And Robinhood Shares Amid Crypto Volatility
Portfolio Pulse from Benzinga Neuro
Ark Invest, led by Cathie Wood, sold shares of Coinbase Global Inc (COIN) and Robinhood Markets Inc (HOOD) amid crypto market volatility. The sales were conducted through ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). The firm also bought shares of Zoom Video Communications (ZM) and reduced holdings in UiPath Inc (PATH). These trades reflect Ark's strategy to adapt to market trends, especially in the tech and crypto sectors.
December 20, 2023 | 4:33 am
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NEGATIVE IMPACT
Ark Invest sold 34,261 shares of Coinbase, valued at nearly $5.5 million, despite COIN shares closing 5.04% higher at $161.16.
Ark's sale of COIN shares suggests a bearish outlook on Coinbase in the short term, potentially due to the current crypto market volatility. This could lead to a negative impact on COIN's stock price as investors may perceive the sale as a lack of confidence in the company's near-term prospects.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Ark Invest sold 121,100 shares of Robinhood, valued at $1.6 million, even as HOOD shares closed 10.4% higher at $13.17.
The sale of HOOD shares by Ark Invest could signal a cautious stance towards Robinhood, especially in the context of the broader crypto market volatility. This action might be interpreted negatively by the market, potentially affecting HOOD's stock price in the short term.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 80
NEGATIVE IMPACT
Ark Invest reduced its holdings in UiPath Inc through ARKK, which may reflect a strategic shift or a less bullish view on PATH.
The reduction in PATH holdings by Ark could be perceived as a negative signal regarding the company's immediate future, potentially leading to a downward pressure on PATH's stock price in the short term.
CONFIDENCE 65
IMPORTANCE 55
RELEVANCE 60
POSITIVE IMPACT
Ark Invest purchased additional shares of Zoom Video Communications through ARKW, indicating a positive outlook on ZM.
Ark's acquisition of more ZM shares suggests optimism about the company's performance. This could positively influence investor sentiment and potentially lead to an uptick in ZM's stock price in the short term.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70