In this article, we discuss 5 most active stocks to buy now. If you want to see more stocks in this list, click 10 Most Active Stocks To Buy Now.
5. Coinbase Global, Inc. (NASDAQ:COIN)
Number of Hedge Fund Holders: 57
Volume as of May 11: 66 million
Coinbase Global, Inc. (NASDAQ:COIN) is one of the most active stocks as of May 11, with a trading volume of 66 million. Coinbase Global, Inc. (NASDAQ:COIN) offers financial infrastructure and technology for the global crypto universe.
Coinbase Global, Inc. (NASDAQ:COIN) posted its financial results for the first fiscal quarter of 2022. The company reported a loss per share of $1.26, behind analysts’ estimates by $2.17. The $1.17 billion revenue dropped 35.24% year-over-year, missing Street estimates by $309.61 million.
On May 11, Needham analyst John Todaro maintained a Buy rating on Coinbase Global, Inc. (NASDAQ:COIN) but lowered the price target to $173 from $360. The company missed expectations with its Q1 revenue and trading volumes declined notably, the analyst tells investors in a research note. While he cut his FY 2022 estimates due to ongoing weakness in retail trading volumes, he “remains excited” about the longer term growth opportunities for Coinbase Global, Inc. (NASDAQ:COIN), as well as the blockchain rewards and cloud subscription services.
According to Insider Monkey’s database, 57 hedge funds were bullish on Coinbase Global, Inc. (NASDAQ:COIN) at the end of December 2021, compared to 50 funds in the last quarter. Cathie Wood’s ARK Investment Management is the leading shareholder of the company, with 5.45 million shares worth about $1.4 billion.
Here is what Longleaf Partners Fund has to say about Coinbase Global, Inc. (NASDAQ:COIN) in its Q4 2021 investor letter:
“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.”