5 Best ARK Stocks to Invest In

4. Coinbase Global, Inc. (NASDAQ: COIN)

Number of Hedge Fund Holders: 49

Weight: 4.86%

Delaware-based cryptocurrency trading platform Coinbase Global, Inc. (NASDAQ: COIN) ranks 4th on the list of 12 best ARK stocks to invest in. Coinbase Global, Inc. (NASDAQ: COIN) went public on April 14 and had over 68 million verified users at the end of Q2 2021.

According to the latest data from ARK Investment Management LLC, the hedge fund owned 4,165,494 shares of Coinbase Global, Inc. (NASDAQ: COIN) worth $1.08 billion as of August 25, 2021, accounting for 4.86% of the Ark Innovation ETF (NYSEARCA: ARKK).

On August 24, Needham analyst John Todaro gave Coinbase Global, Inc. (NASDAQ: COIN) a Buy rating and a $420 price target, emphasizing the crypto platform’s prospective features including staking and yield bearing products. The stock has gained 14% in the last month.

The company has a market cap of $54.28 billion. Shares of Coinbase Global, Inc. (NASDAQ: COIN) climbed 2.1% following the Q2 earnings result. In the second quarter of 2021, Coinbase Global, Inc. (NASDAQ: COIN) reported an EPS of $6.78, beating estimates by $4.09. The company’s revenue in the second quarter came in at $2.23 billion and beat revenue estimates by $345.98 million. Coinbase Global, Inc. (NASDAQ: COIN) had 8.8 million monthly transacting users in Q2 2021, up from 1.5 million users in Q2 2020.

At the end of the second quarter of 2021, 49 hedge funds in the database of Insider Monkey held stakes worth $2.96 billion in Coinbase Global, Inc. (NASDAQ: COIN), up from 0 in the preceding quarter.