In this article, we discuss 5 stocks that the Russia-Ukraine war will affect in the future. If you want to read about some more stocks that the Russia-Ukraine war will affect in the future, go directly to Russia-Ukraine War Will Affect These 10 Stocks in the Future.
5. Coinbase Global, Inc. (NASDAQ:COIN)
Number of Hedge Fund Holders: 46
Coinbase Global, Inc. (NASDAQ:COIN) owns and runs a cryptocurrency exchange platform. At the beginning of the Russian invasion of Ukraine, crypto prices were on their way up as Western sanctions on Moscow forced investors to look towards crypto as a way into the Russian market. However, since then, the rising inflation has resulted in a massive drop in crypto prices, crashing the coin market. The Russian connection has so far been unable to support the industry.
On July 14, DA Davidson analyst Christopher Brendler maintained a Buy rating on Coinbase Global, Inc. (NASDAQ:COIN) stock and lowered the price target to $90 from $135, backing the firm to navigate near-term challenges despite falling volumes.
Among the hedge funds being tracked by Insider Monkey, New York-based firm Renaissance Technologies is a leading shareholder in Coinbase Global, Inc. (NASDAQ:COIN), with 1 million shares worth more than $199 million.
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.”