Cathie Wood’s Latest Thoughts on Inflation and Her 5 Worst-Performing Stock Picks

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

Number of Hedge Fund Holders: 46

Loss in Share Price Year-to-Date as of June 30: 80.18%

Coinbase Global, Inc. (NASDAQ:COIN) owns and runs a cryptocurrency exchange platform. The hedge fund chaired by Wood owned close to 6.9 million shares of Coinbase Global, Inc. (NASDAQ:COIN) at the end of March 2022, worth $1.3 billion. On June 24, the firm announced that it would be rolling out nano bitcoin futures. The move is seen as part of a larger plan by the firm to attract more retail traders to the platform amid a large drop in the prices of crypto assets in the past few weeks. 

On June 27, Goldman Sachs analyst Will Nance downgraded Coinbase Global, Inc. (NASDAQ:COIN) stock to Sell from Neutral and lowered the price target to $45 from $70, noting that crypto asset levels and trading volumes imply further degradation in revenue for the firm. 

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.”