Cathie Wood-led ARK Investment Management bought 52,813 shares of cryptocurrency exchange platform Coinbase Global Inc COIN at an estimated valuation of over $2.5 million based on Thursday’s closing price. The purchase was done through the flagship ARK Innovation Fund ARKK.
Coinbase is the 12th largest holding in the fund, with a weight of 3.87%, according to data available on the company’s website at the time of writing.
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Coinbase CEO Brian Armstrong announced this week that the company would reduce its headcount by about 950 people. “As part of a headcount reduction like this, we will be shutting down several projects where we have a lower probability of success,” Armstrong said in a blog.
Price Action: Shares of the cryptocurrency exchange platform have rallied over 41% since the beginning of 2023 following a good start for cryptocurrencies. Bitcoin BTC/USD rallied over 13% on a year-to-date basis, while Ethereum ETH/USD gained over 17%. Bitcoin briefly jumped over the 19,000 mark on Thursday after U.S. consumer price inflation cooled on expected lines.
Interestingly, Bank of America analyst Jason Kupferberg has downgraded Coinbase from “neutral” to “underperform,” while reducing his price target from $50 to $35. Barclays boosted its price target from $37 to $45. Analyst Benjamin Budish maintained an “equal-weight” rating on the stock.
Major Sale: ARK sold 21,751 shares of Shopify Inc SHOP at an estimated valuation of close to $800,000 based on Thursday’s closing price. Shares of the e-commerce company have gained over 3% in 2023 so far.
Image and article originally from www.benzinga.com. Read the original article here.