What's Going On With Coinbase Global Stock?
Portfolio Pulse from Erica Kollmann
Coinbase Global, Inc. (NASDAQ:COIN) shares are trading lower by 7.7% despite a 35% increase over the past month and a 375% year-to-date gain. The decline may be related to Ark Invest selling 148,885 shares of COIN through its ARK Next Generation Internet ETF (NYSE:ARKW). Analysts from JMP Securities and Mizuho have updated their price targets on COIN, with JMP Securities raising their target from $107 to $200 and maintaining a Market Outperform rating, while Mizuho raised their target from $35 to $54 but maintained an Underperform rating.
December 29, 2023 | 6:58 pm
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NEGATIVE IMPACT
Coinbase Global's stock is trading lower by 7.7% despite recent gains, influenced by Ark Invest's sale of shares and mixed analyst ratings.
The sale of a significant number of shares by a major investment fund like Ark Invest could lead to a negative short-term impact on COIN's stock price. Additionally, the mixed analyst ratings with one maintaining an Underperform rating could contribute to investor uncertainty.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
ARKW ETF sold 148,885 shares of Coinbase, which may reflect a strategic portfolio adjustment or a response to market conditions.
The sale of COIN shares by ARKW could be part of regular portfolio rebalancing, which may not necessarily indicate a negative outlook on the stock. The impact on ARKW's price is uncertain in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70