Cathie Wood of Ark Invest Is Still Buying Coinbase Stock. Should You?
After the crypto meltdown of 2022, many investors expected Coinbase Global (NASDAQ: COIN) to turn things around this year. But that hasn't been the case. Trading volume is still down, and Coinbase has had difficulty winning back traders after the long crypto winter.
Even worse, it now finds itself in the middle of a regulatory battle with the Securities and Exchange Commission (SEC), which filed a lawsuit against the company on June 6, accusing it of operating as an unregistered securities exchange.
Yet, despite all of these travails, the stock is still up more than 60% for the year and remains on the radar of value investors hoping for a rebound in the crypto market. In fact, immediately after the SEC filed its lawsuit against Coinbase, Cathie Wood of Ark Investment scooped up another 419,324 shares worth a total of $21.6 million. Should you follow her lead, or is it time to throw in the towel on the stock?
Source Fool.com
Coinbase Global Inc. Stock
Currently there is a rather positive sentiment for Coinbase Global Inc. with 31 Buy predictions and 16 Sell predictions.
On the other hand, the target price of 136 € is below the current price of 226.05 € for Coinbase Global Inc., so the potential is actually -39.84%.
