Cathie Wood is Buying These 5 Stocks on the Dip

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

Number of Hedge Fund Holders: 29  

Percentage Increase in Stake During Q2 2022: 29%  

Loss in Share Price Year-to-Date as of September 21: 72%

Coinbase Global, Inc. (NASDAQ:COIN) provides financial infrastructure and technology for the crypto economy. Latest 13F data shows that ARK Investment Management owned 8.9 million shares of Coinbase Global, Inc. (NASDAQ:COIN) at the end of the second quarter of 2022 worth $699 million, representing 4.13% of the portfolio. 

On September 14, investment advisory JPMorgan maintained a Neutral rating on Coinbase Global, Inc. (NASDAQ:COIN) stock and raised the price target to $78 from $64. Analyst Kenneth Worthington issued the ratings update. 

At the end of the second quarter of 2022, 29 hedge funds in the database of Insider Monkey held stakes worth $1.2 billion in Coinbase Global, Inc. (NASDAQ:COIN), compared to 46 in the preceding quarter worth $2.3 billion. 

In its Q2 2022 investor letter, Miller Value Partners, an asset management firm, highlighted a few stocks and Coinbase Global, Inc. (NASDAQ:COIN) was one of them. Here is what the fund said:

“Coinbase Global, Inc. (NASDAQ:COIN) fell during the quarter as the crypto markets continued to suffer. While the company reported disappointing results, it committed to capping EBITDA losses at $500M even in the event of “a prolonged market downturn”. COIN’s ample liquidity ($6b in cash on hand) should enable them to survive a prolonged “crypto winter” and invest to strengthen the business in the downturn. While the crypto market is early in its adoption, Coinbase is focused on building the platform for crypto not only supporting trading, and cold storage, but moving into NFTs, staking, and crypto derivatives. We see tremendous upside potential for COIN over the next decade if they are able to successfully execute on their platform strategy.”