5 Best ARK Stocks To Buy Now

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

ARK Investment Management’s 13 Portfolio: 5.53% 

ARK Investment Management’s Stake Value: $1.32 billion

Number of Hedge Fund Holders: 46

Coinbase Global, Inc. (NASDAQ:COIN) ranks among the world’s leading cryptocurrency trading platforms. Disruptive tech investor Cathie Wood is long-term bullish on cryptocurrency as a whole, and increased her stake in Coinbase Global, Inc. (NASDAQ:COIN) by 29% in the first quarter of 2022, making her the firm’s largest shareholder with a $1.32 billion position.

Coinbase Global, Inc. (NASDAQ:COIN) reported below expectations results for the first quarter, as cryptocurrency prices experienced a colossal drop in recent months. Its EPS came in below estimates by $2.17, while quarterly revenue also missed forecasts by roughly $310 million.

Cowen analyst Stephen Glagola on May 26 initiated coverage of Coinbase Global, Inc. (NASDAQ:COIN) with an ‘Outperform’ rating and a price target of $85, noting that the company was “built to last.” He believes it can grow at a double-digit compound annual growth rate (CAGR) for “the foreseeable future”, and holds that its regulatory adherence and security infrastructure provide a structural advantage over global competitors.

Out of the 900+ elite hedge funds tracked by Insider Monkey, Coinbase Global, Inc. (NASDAQ:COIN) shares were held by 46 hedge funds at the close of the first quarter. This shows a negative trend from the quarter before where 57 hedge funds were shareholders of the cryptocurrency platform.

Longleaf Partners Fund, an investment firm, mentioned Coinbase Global, Inc. (NASDAQ:COIN) in its Q4 2021 investor letter. It 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 is a prime example.”