ARK Investment, helmed by Cathie Wood, further pared down stakes in Coinbase Global (COIN) and Tesla (TSLA), according to recent trade disclosures. Specifically, the ARK Fintech Innovation ETF (ARKF) offloaded 76,788 Coinbase shares, with the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW) selling 127,266 and 44,784 shares, respectively. Worth approximately $26.3 million based on Coinbase’s Monday close, this follows ARK’s sale of about $50 million in Coinbase’s stock on Friday. Meanwhile, the ARK Innovation ETF sold 38,329 Tesla shares, and the ARK Next Generation Internet ETF divested 6,855 shares, valued at about $13.1 million based on Tesla’s closing price on Monday.
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In contrast, ARK Investment showed a bullish stance on Meta Platforms (META), purchasing around $1.3 million based on Meta’s Monday close. The funds also demonstrated a healthy appetite for Robinhood’s stock (HOOD), with a total purchase of approximately $790 million. Furthermore, they added 4,608 shares of SoFi Technologies (SOFI) to the fintech fund. Notably, ARK also bolstered its position in Twilio (TWLO), buying about $11.4 million worth.
Turning to Wall Street, analysts have low expectations for all of the aforementioned stocks. Indeed, META stock is the only one with upside potential, although it’s only at around 2%.
