5 Best New Tech Stocks to Buy Now

In this article, we will be taking a look at the 5 best new tech stocks to buy now. To read our discussion on the technology sector, you can go directly to the 12 Best New Tech Stocks to Buy Now.

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

IPO Date: April 14, 2021

Number of Hedge Fund Holders: 29

Coinbase Global, Inc. (NASDAQ:COIN) is an operator of a cryptocurrency exchange platform with no physical headquarters, as employees work remotely.

In a research note issued to investors on September 9, Carlton Lai at Daiwa upgraded Coinbase Global, Inc. (NASDAQ:COIN) stock from an Outperform to a Buy rating. The analyst maintained a target price of $100 after the share price gave back some of its losses in the last month. Lai made this change on the back of the Ethereum Merge update, which is being seen as one of the biggest events in the cryptocurrency universe this year. The merge is expected to take place between September 13 and 15. During this time, Coinbase Global, Inc. (NASDAQ:COIN) has paused the withdrawal and deposits of Ether and ERC-20 tokens as a precautionary measure.

Here’s what was said about Coinbase Global, Inc. (NASDAQ:COIN) in the Q2 2022 investor letter of Hayden Capital:

“Coinbase (NASDAQ:COIN): The crypto ecosystem moves extremely quickly, and there’s been many new developments since we first invested in Coinbase, a year ago. Most notably, crypto market cap has declined from a peak of ~$3 Trillion last fall, to ~$1.1 Trillion today (a -63% decline, and -72% peak-to-trough; LINK). Crypto is a volatile asset class, and has experienced many draw-downs of similar magnitude in the past. For example, Bitcoin was down -93% during 2011, -85% from 2013-15, and -84% from 2017-18. In this context, the latest draw-down is a pretty normal outcome for this emerging asset class.

A large reason for this volatility, is simply because there aren’t any major “real-world use cases” for the asset just yet. In our letter outlining the investment last year, we wrote that crypto is still “in the middle of ‘crossing the chasm’ into mainstream adoption & use cases, which will result in millions of mainstream users needing to transact crypto in some form”…” (Click here to see the full text)