In this article, we discuss 3 stocks that analysts say will double. If you want to see more stocks that analysts are monitoring, check out Analysts Say These 5 Stocks Will Double.
3. Coinbase Global, Inc. (NASDAQ:COIN)
Number of Hedge Fund Holders: 46
Coinbase Global, Inc. (NASDAQ:COIN) is an American financial infrastructure and technology company that supports the global crypto economy. The stock has declined more than 77% year to date as of July 7, which is caused by the crypto winter. The crashing crypto market has yet to faze Wall Street completely, as many analysts remain bullish on the long-term prospects of Coinbase Global, Inc. (NASDAQ:COIN) and expect the stock to double, according to Bloomberg.
While some analysts still consider Coinbase Global, Inc. (NASDAQ:COIN) a bargain buy, Atlantic Equities analyst Simon Clinch on July 7 downgraded the company to Neutral from Overweight, lowering the price target to $54 from $95. The analyst stated that his “materially” slashed target was due to mounting concerns for the company and the crypto universe in the short and intermediate term. He worries about Coinbase Global, Inc. (NASDAQ:COIN)’s capacity to scout and retain talent, as well as the misinformation going around about the company’s financial strength and consumer asset protections. His hopes for stability in crypto prices and volumes has “dashed” and he expects a severe crypto winter. He has incorporated the lower expectations in his base case, the analyst told investors.
According to Insider Monkey’s Q1 data, 46 hedge funds were long Coinbase Global, Inc. (NASDAQ:COIN), down from 57 funds in the earlier quarter. Cathie Wood’s ARK Investment Management held the leading position in the company, comprising about 7 million shares worth $1.3 billion.
In its Q4 2021 investor letter, Longleaf Partners Fund, an asset management firm, highlighted a few stocks and Coinbase Global, Inc. (NASDAQ:COIN) was one of them. Here is what the fund said:
“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 Global, Inc. (NASDAQ:COIN) is a prime example.”
