Ark buys $3.4M of Coinbase shares on the day Morgan Stanley turns bearish

Cathie Wood’s Ark Invest purchased 24,790 shares of Coinbase for $3.4 million on Monday, Nov. 2. Morgan Stanley also downgraded Coinbase to underweight the same day, slashing its price target to $120 from $258. Coinbase shares closed down 3.98% at $137.83. The buying was through Ark’s ARKK, ARKW and ARKF exchange-traded funds. Cyprys pegs fourth-quarter transaction revenue 11% under consensus Analyst Michael Cyprys cut the stock to underweight from equal weight. New target hints at 16% downside from Friday close. Cyprys’ initiation thesis called for earnings to reset in 2026 and bounce back sharply in 2027. Shares of Coinbase are down about 25% over the past month. “October’s weaker trading pace and crypto market uncertainty challenge our recovery thesis,” Cyprys wrote. His note pegged fourth-quarter transaction revenue through Oct.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Cryptopolitan.