5 Beaten-Down Tech Stocks to Buy Today for Long-Term Gains

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

Number of Hedge Fund Holders: 46

YTD Decline in Share Price as of June 8: 72.44%

Coinbase Global, Inc. (NASDAQ:COIN) is an American financial infrastructure and technology provider for the global crypto economy. The stock has taken a massive beating year-to-date, down 72.44% as of June 8. However, it is one of the leading fintech forces in the crypto universe, which is an essential segment of the metaverse. This makes Coinbase Global, Inc. (NASDAQ:COIN) one of the top beaten-down tech stocks to buy for long-term gains. 

On June 6, after Coinbase Global, Inc. (NASDAQ:COIN) announced plans to extend its hiring freeze for new and backfill roles for “the foreseeable future”, Cowen analyst Stephen Glagola observed that the company had a liquidity of $6.3 billion at the end of March 2022 and he believes it “remains well capitalized to navigate through a crypto winter”. The analyst reiterated an Outperform rating and an $85 price target on Coinbase Global, Inc. (NASDAQ:COIN) shares.

According to Insider Monkey’s database, 46 hedge funds were bullish on Coinbase Global, Inc. (NASDAQ:COIN) at the end of Q1 2022, compared to 57 funds in the last quarter. Cathie Wood’s ARK Investment Management is the biggest shareholder of the company, with a position worth $1.32 billion. 

Here is what Longleaf Partners Fund has to say about Coinbase Global, Inc. (NASDAQ:COIN) in its Q4 2021 investor letter:

“We also have seen plenty of IPO/SPAC craziness showing both that private players need public markets more than they admit and that there is more volatility embedded in these newer companies than a private quarterly mark might admit. As for how efficient both the private and public markets are, we would encourage you to really delve into some of those multi-hundred-page S1s for many of the newest public companies to see the huge gap between the last valuation at which the company was funded and/or granted shares to its executives and the often much higher price at which the company went public – Coinbase is a prime example.”