Cathie Wood Trims Tesla Stake And Loads Up Heavily On Coinbase
Cathie Wood-led Ark Investment Management on Wednesday bought 749,205 shares of Coinbase Global Inc (NASDAQ:COIN), on the day the cryptocurrency exchange made its high-flying NASDAQ debut through a direct listing.
Coinbase shares closed at $328.28 in their Nasdaq debut on Wednesday, giving the company an initial market cap of $85.8 billion on a fully diluted basis. The stock opened Wednesday afternoon at $381 and rose to an intra-day high of $410 before pulling back slightly.
The Ark Innovation ETF (NYSE:ARKK) added 512,535 shares of the cryptocurrency exchange operator, representing about 0.76% of the ETF.
The investment firm also bought another 89,589 Coinbase shares through the Ark Fintech Innovation ETF (NYSE:ARKF), representing about 0.76% of the ETF.
ARK Next Generation Internet ETF (NYSE:ARKW) added 147,081 COIN shares, representing about 0.76% of the ETF.
Wood has long been bullish on Bitcoin (BTC) and associated plays. The apex cryptocurrency is trading somewhat muted since Coinbase debut, down 0.45% at press time at $63,157. It hit an all-time high of $64,863.10 early Wednesday.
See also: How to Buy Coinbase IPO (COIN) Stock
Wood’s firm, which counts Tesla as its largest holding and had recently updated the stock’s target price to $3,000, sold shares of the electric vehicle maker to rebalance its portfolio. Tesla continues to be Ark’s top holdings.
The Ark Innovation ETF (NYSE:ARKK) sold 185,712 shares of the Elon Musk-led company, representing about 0.55% of the ETF. The investment firm sold another 57,043 shares of Tesla through its ARK Next Generation Internet ETF (NYSE:ARKW), representing about 0.59% of the ETF.
Tesla shares closed 3.95% lower at $732.23 on Wednesday.
Here are three other prominent trades by the hedge fund on Wednesday:
For Ark Fintech Innovation ETF (NYSE:ARKF)
Intuit Inc (NASDAQ:INTU): Sold 21,240 shares of the financial software company, representing about 0.2% of the ETF.
Intuit shares closed 1.83% lower at $411.29 on Wednesday and were up 0.57% in after-hours trading. The stock has a 52-week high of $423.74 and low of $246.42.
PayPal Holdings Inc (NASDAQ:PYPL): Sold 73,325 shares of the online payment company, representing about 0.45% of the ETF.
PayPal shares closed 2.98% lower at $267.21 on Wednesday and were up 0.16% in the after-hours. It has a 52-week high of $309.14 and low of $106.42.
Trades For ARK Next Generation Internet ETF (NYSE:ARKW)
Atlassian Corp Plc (NASDAQ:TEAM): Sold 63,251 shares of the Australian software company, representing about 0.21% of the ETF.
Atlassian shares closed 4.24% lower at $231.48 on Wednesday. It has a 52-week high of $262.40 and low of $137.55.
Other Ark Buys On Wednesday:
- Berkeley Lights Inc (NASDAQ:BLI)
- 908 Devices Inc (NASDAQ:MASS)
- Beam Therapeutics Inc (NASDAQ:BEAM)
- Exact Sciences Corp (NASDAQ:EXAS)
- Unity Software Inc (NYSE:U)
- 3D Systems Corp (NYSE:DDD)
- Iridium Communications Inc (NASDAQ:IRDM)
- Jaws Spitfire Acquisition Corp (NYSE:SPFR)
- DraftKings Inc (NASDAQ:DKNG)
- Reinvent Technology Partners (NYSE:RTP)
Other Ark Sells On Wednesday:
- Intercontinental Exchange Inc (NYSE:ICE)
- Syros Pharmaceuticals Inc (NASDAQ:SYRS)
- Pluristem Therapeutics Inc (NASDAQ:PSTI)
- Phreesia Inc (NYSE:PHR)
- Paccar Inc (NASDAQ:PCAR)
- AeroVironment Inc (NASDAQ:AVAV)
Photo Courtesy: Coinbase
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