Cathie Wood-led Ark Investment Management on Thursday snapped up 254,738 shares, worth about $59.46 million, in CoinbaseGlobal Inc(NASDAQ:COIN) as the cryptocurrency exchange bounced back after a bullish call from analysts.
The New York-based investment firm bought the shares via theARK Fintech Innovation ETF(NYSE:ARKF) and theArk Innovation ETF(NYSE:ARKK).
Ark held a total of 3.95 million COIN shares, worth about $887.8 million, ahead of Thursday’s trade via ARKF, ARKK and the ARK Next Generation Internet ETF(NYSE:ARKW).
Loop Capital's Kourtney Gibson told CNBC on Thursday he believes Coinbase could be worth $400 to $450 per share and Wedbush analyst Moshe Katriinitiated coverage on the crypto exchangewith an Outperform rating and a price target of $275.
On Wednesday, Wood forecastBitcoin(CRYPTO: $BTC) toreach $500,000 per coin.
Coinbase shares closed 3.83% higher at $233.40 on Thursday.
Ark also completely divested its residual Apple Inc(NASDAQ:AAPL) stake as it sold 188 shares. Shares of Apple closed 2.1% higher at $127.31 on Thursday.
Some of the other key Ark sells on Thursday included Tencent Holdings(OTC:TCEHY),Pure Storage Inc(NYSE:PSTG),LendingTree Inc(NASDAQ:TREE) and buys included UiPath Inc(NYSE:PATH).
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