Popular investor Cathie Wood’s ARK Invest ETFs (exchange-traded funds) made some interesting trade moves on Friday, June 27. The ace hedge fund manager loaded up on SoFi Technologies (SOFI) and Tesla (TSLA) stocks, signaling continued confidence in the growth prospects of both companies. However, as per the daily trades published by ARK on Friday, Wood continued to offload shares of cryptocurrency exchange Coinbase (COIN).
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ARK Invest Adds More SoFi and Tesla Shares
On Friday, Cathie Wood’s ARK Invest significantly boosted its stake in SoFi Technologies, buying a total of 2,322,110 shares across two ETFs—ARK Innovation ETF (ARKK) and ARK Fintech Innovation ETF (ARKF)—valued at nearly $38.94 million. This move continues ARK’s recent trend of accumulating SoFi stock, signaling strong confidence in the financial services platform’s growth potential.
Turning to Wall Street, most analysts are cautiously optimistic about SoFi Technologies stock. While the company continues to expand its product offerings and grow its user base, some concerns remain around profitability and the broader interest rate environment. The Moderate Buy consensus rating on SOFI stock is based on seven Buys, five Holds, and three Sells. The average SOFI stock price target of $14.05 implies about 18.22% downside potential.
Meanwhile, ARK also increased its position in Tesla stock, with the ARKK ETF purchasing 41,992 shares worth for about $13.68 million. This move reflects ARK’s ongoing bullish stance on the electric vehicle maker. Turning to Wall Street, analysts have a Hold rating on Tesla stock based on based on 14 Buys, 12 Holds, and 9 Sells. The average TSLA stock price target of $291.31 implies about 9.99% downside potential.
Wood Trims Coinbase Stake
Meanwhile, ARK continues to trim its position in Coinbase. On Friday, its largest trade was the sale of 112,729 shares of the crypto exchange across ARKK and ARKF. The total value of the sale was around $42.28 million. This follows a sale on Thursday, when ARK offloaded 33,363 Coinbase shares worth approximately $11.86 million.
The back-to-back moves likely reflect a mix of profit-taking and portfolio rebalancing amid the surge in crypto-related stocks.
It’s worth noting that Coinbase stock has climbed more than 17% in the past five days, driven by growing optimism around broader crypto adoption. Since the Senate passed a key crypto bill on June 18, the stock has soared around 40%.
Is COIN Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on COIN stock based on 13 Buys, 11 Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average COIN price target of $287.88 per share implies 18.55% downside potential.
