IvyRock Asset Management HK Ltd raised its holdings in Coinbase Global, Inc. (NASDAQ:COIN – Get Rating) by 86.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,710 shares of the cryptocurrency exchange’s stock after buying an additional 14,710 shares during the period. Coinbase Global comprises about 0.6% of IvyRock Asset Management HK Ltd’s holdings, making the stock its 13th largest position. IvyRock Asset Management HK Ltd’s holdings in Coinbase Global were worth $1,122,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of COIN. Vanguard Group Inc. boosted its holdings in Coinbase Global by 19.8% in the third quarter. Vanguard Group Inc. now owns 12,786,266 shares of the cryptocurrency exchange’s stock valued at $824,587,000 after purchasing an additional 2,110,196 shares in the last quarter. ARK Investment Management LLC grew its position in shares of Coinbase Global by 19.0% in the 4th quarter. ARK Investment Management LLC now owns 9,189,273 shares of the cryptocurrency exchange’s stock valued at $325,208,000 after buying an additional 1,469,638 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Coinbase Global by 32.1% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 7,310,461 shares of the cryptocurrency exchange’s stock valued at $258,717,000 after buying an additional 1,775,711 shares during the last quarter. First Trust Advisors LP raised its stake in Coinbase Global by 329.7% during the 3rd quarter. First Trust Advisors LP now owns 583,952 shares of the cryptocurrency exchange’s stock worth $37,659,000 after acquiring an additional 448,055 shares in the last quarter. Finally, Northern Trust Corp lifted its position in Coinbase Global by 320.1% in the second quarter. Northern Trust Corp now owns 563,011 shares of the cryptocurrency exchange’s stock valued at $26,472,000 after acquiring an additional 428,994 shares during the last quarter. 46.41% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on COIN shares. JMP Securities reissued a “market outperform” rating and issued a $90.00 target price on shares of Coinbase Global in a report on Monday, March 13th. Canaccord Genuity Group cut their target price on shares of Coinbase Global from $120.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, February 22nd. Bank of America increased their price target on shares of Coinbase Global from $38.00 to $45.00 and gave the stock an “underperform” rating in a research note on Thursday, April 6th. The Goldman Sachs Group dropped their price objective on shares of Coinbase Global from $41.00 to $30.00 and set a “sell” rating on the stock in a research note on Monday, January 9th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Coinbase Global from $37.00 to $32.00 and set an “underperform” rating for the company in a research note on Thursday, January 12th. Six analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Coinbase Global presently has an average rating of “Hold” and an average price target of $69.12.
Coinbase Global Price Performance
Coinbase Global stock traded down $0.82 during trading hours on Friday, hitting $53.35. The stock had a trading volume of 7,242,166 shares, compared to its average volume of 18,977,926. Coinbase Global, Inc. has a 1-year low of $31.55 and a 1-year high of $132.81. The stock’s fifty day moving average is $64.05 and its two-hundred day moving average is $56.25. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.62.
Coinbase Global (NASDAQ:COIN – Get Rating) last issued its quarterly earnings data on Tuesday, February 21st. The cryptocurrency exchange reported ($2.46) EPS for the quarter, missing analysts’ consensus estimates of ($2.39) by ($0.07). The business had revenue of $629.10 million during the quarter, compared to analyst estimates of $587.37 million. Coinbase Global had a negative net margin of 82.18% and a negative return on equity of 44.89%. Coinbase Global’s revenue was down 74.7% on a year-over-year basis. During the same period in the previous year, the company posted $3.32 earnings per share. As a group, analysts anticipate that Coinbase Global, Inc. will post -4.06 EPS for the current year.
Insider Buying and Selling
In other Coinbase Global news, CAO Jennifer N. Jones sold 8,197 shares of the firm’s stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $62.12, for a total transaction of $509,197.64. Following the completion of the transaction, the chief accounting officer now owns 34,752 shares of the company’s stock, valued at $2,158,794.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Brian Armstrong sold 29,732 shares of the firm’s stock in a transaction that occurred on Monday, January 30th. The shares were sold at an average price of $58.61, for a total transaction of $1,742,592.52. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Jennifer N. Jones sold 8,197 shares of Coinbase Global stock in a transaction that occurred on Thursday, February 23rd. The stock was sold at an average price of $62.12, for a total transaction of $509,197.64. Following the completion of the sale, the chief accounting officer now directly owns 34,752 shares of the company’s stock, valued at $2,158,794.24. The disclosure for this sale can be found here. Insiders sold 186,362 shares of company stock worth $12,106,149 in the last ninety days. Insiders own 36.10% of the company’s stock.
Coinbase Global Profile
Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.
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