Benzinga - Cathie Wood-led ARK Investment Management bought 52,813 shares of cryptocurrency exchange platform Coinbase (NASDAQ:COIN) Global Inc (NASDAQ: 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 (NYSE: 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 (CRYPTO: BTC) rallied over 13% on a year-to-date basis, while Ethereum (CRYPTO: ETH) 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 (NYSE:BAC) analyst Jason Kupferberg has downgraded Coinbase from "neutral" to "underperform," while reducing his price target from $50 to $35. Barclays (LON:BARC) 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 (NYSE: 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.
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