Cathie Wood's Ark Invest Sells Coinbase Shares As Bitcoin Hits Yet Another All-Time New High, Buys Stock Of This Social Media Company
Portfolio Pulse from Benzinga Neuro
Cathie Wood's Ark Invest sold shares of Coinbase Global Inc (COIN) and bought shares of Pinterest Inc (PINS), despite Bitcoin reaching new highs. Ark sold 10,995 COIN shares across three ETFs for $2.8 million, while purchasing 34,653 PINS shares for $1.12 million. Additionally, Ark made other trades including selling UiPath Inc (PATH), buying Cerus Corp (CERS), and selling shares of Twilio Inc (TWLO) and Stratasys Ltd (SSYS).
March 14, 2024 | 3:41 am
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Ark Invest sold 10,995 shares of Coinbase, valued at $2.8 million, as Bitcoin reached new highs.
Selling shares of COIN by a prominent investment firm like Ark Invest could signal a lack of confidence in the stock's short-term performance, especially against the backdrop of Bitcoin's rise, potentially leading to a negative impact on COIN's stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Ark Invest sold 35,960 shares of UiPath Inc through its ARK Genomic Revolution ETF.
The sale of PATH shares by Ark Invest could indicate a bearish outlook on the company's short-term prospects, potentially leading to a negative impact on its stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Ark Invest sold shares of Stratasys Ltd through two of its ETFs, indicating a portfolio adjustment.
The sale of SSYS shares by Ark Invest may suggest a bearish stance on the company's immediate future, potentially negatively affecting its stock price in the short term.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Ark Invest sold shares of Twilio Inc through multiple funds, adjusting its investment strategy.
Selling TWLO shares could reflect Ark Invest's negative outlook on Twilio's short-term market performance, potentially leading to a downward pressure on its stock price.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Ark Invest bought 295,727 shares of Cerus Corp, signaling confidence in the company's prospects.
The acquisition of a significant number of CERS shares by Ark Invest suggests a positive view on the company's future, likely leading to a positive short-term impact on its stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Ark Invest bought 34,653 shares of Pinterest, amounting to $1.12 million, as the company continues to monetize its platform.
The purchase of PINS shares by Ark Invest indicates a positive outlook on Pinterest's future performance, especially given its ongoing monetization efforts and partnerships. This could lead to a positive short-term impact on PINS stock price.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90