Can Coinbase Stock Rebound After Cathie Wood Dumps $13M?
Key Insights:
- Coinbase stock recovers slightly in pre-market hours after the previous session’s losses.
- Cathie Wood’s Ark Invest dumps $13M worth of Coinbase shares on July 15.
- Coinbase stock surges 9.3% in five days, 56% on a year-to-date basis.
- Analyst downgrades Coinbase price target to $400 but remains bullish on the stock.
The Coinbase stock has recorded a slight recovery today in the pre-market hours, after closing the prior session in the red.
Notably, the recovery in the crypto stock comes on the back of a broader crypto market rally. It reflects the soaring confidence of traders in the digital assets space.
However, the stock of the leading crypto exchange has also gained notable traction as it touched a new all-time high in the previous trading session.
This has allowed many investors to book a profit, which might have triggered selling pressure for COIN.
Meanwhile, Cathie Wood’s Ark Invest has caught the investors’ eyes with its latest COIN stock offloading.
Although Ark Invest often executes similar trading, market participants are keeping close track of the development’s potential impact on Coinbase stock.
Cathie Wood’s Ark Invest Dumps $13M in Coinbase Stock
Ark Invest, led by CEO Cathie Wood, has offloaded 34,207 shares of Coinbase on July 15. The overall dump was valued at over $13 Million at the closing price of Coinbase stock on Tuesday.
This move has sparked discussions over the potential reason behind the selloff. However, it’s worth noting that it is not the first time that Ark Invest has offloaded the shares of the leading crypto exchange.
According to a recent report, Ark Invest dumped 16,627 shares of Coinbase on July 10, valued at around $6.5 Million.
Although this move has sparked speculations, many deem this a strategic move by Ark Invest to diversify its portfolio.
Meanwhile, the firm has also offloaded 225,742 shares of its own Ark 21Shares Bitcoin ETF (ARKB) on July 15.
It’s worth noting that the move comes as both COIN and ARKB have soared to a record high in the prior session.
On the other hand, Cathie Wood-led investment management firm has acquired 2,999 shares of NVIDIA (NVDA) and a total of 115,380 shares of Tesla (TSLA) on the same date.
Can Coinbase (COIN) Stock Price Continue its Rally?
Coinbase stock price today has wiped out some of its prior session’s losses, indicating a sustained interest in the asset.
The COIN stock price was up around 0.5% in the pre-market trading session today and exchanged hands at $390.
The stock of $98.83 Billion market cap firm ended the prior session at $388.02, down 1.52% from its previous close.
Notably, the crypto stock has added around 9.3% over the past five days. In addition, its monthly gains were recorded at 60%, while soaring around 56% on a year-to-date (YTD) basis.
These robust gains suggest that the investors are putting their bets into the asset amid a broader crypto market rally. Notably, Coinbase stock price has also touched its all-time high of $400.88 on Tuesday.
Meanwhile, it appears that the crypto market sentiment remained high, especially after Bitcoin price touched a new all-time high recently.
Besides, the altcoins are also showcasing bullish performance, further reflecting the growing confidence of traders.
As Coinbase stock has touched a new all-time high recently, investors are looking for projections from the market experts.
Amid this, an analyst has downgraded the price target for COIN stock, which has caught the eyes of traders.
For context, Citizens JMP has lowered the price target for the asset by 16% to $400. Previously, the analyst had set a target of $475 for the asset.
However, despite the lowered target, the firm’s analysis suggests holding Coinbase stock for the long term.
This indicates that despite the lowered target, the firm is bullish on the long-term trajectory of the exchange.
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