On Tuesday, Cathie Wood-led Ark Invest made significant trades involving $Coinbase (COIN.US)$ and $Shopify (SHOP.US)$. The investment firm reduced its holdings in both companies.
The Coinbase Trade
Ark Invest sold 5,646 shares of Coinbase Global Inc. through its $ARK Fintech Innovation ETF (ARKF.US)$ on Tuesday. With Coinbase's stock closing at $311.64, the transaction was valued at approximately $1.8 million. This move follows a challenging period for Coinbase, as highlighted in their third-quarter earnings report, which revealed a revenue miss and declining transaction revenue. The company's financials have been under pressure, impacting investor sentiment.
Coinbase's recent performance has been scrutinized, with the company reporting third-quarter revenue of $1.21 billion, falling short of the $1.26 billion consensus estimate. However, the sale of Coinbase shares comes at a time when the apex cryptocurrency, $Bitcoin (BTC.CC)$ has been hitting new all-time highs consistently. The leading cryptocurrency earlier hit a fresh all-time high of $108,000 in early trading hours before witnessing a sharp decline.
The Shopify Trade
Ark Invest also reduced its stake in Shopify Inc. by selling 31,078 shares through the ARKF ETF. With Shopify's stock closing at $119.49, the sale amounted to approximately $3.7 million. Shopify has been on a growth trajectory, as evidenced by its third-quarter earnings, which marked its ninth consecutive quarter of revenue beats.
The e-commerce giant reported a 26% year-over-year revenue growth to $2.16 billion, surpassing analyst expectations. Notably, Ark Invest has been seen shopping for shares of Shopify's larger rival $Amazon (AMZN.US)$ recently.
Other Key Trades:
Futu Holdings Ltd: Ark Invest bought shares through ARK Innovation ETF (ARKK).
Tempus AI Inc: Acquired shares via ARKG and through ARKK.
Adaptive Biotechnologies Corp: Sold shares from ARK Genomic Revolution ETF (ARKG).
Pacific Biosciences of California Inc: Purchased shares through ARKG and ARKK.
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
