QRG Capital Management Inc. bought a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN – Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 7,133 shares of the cryptocurrency exchange’s stock, valued at approximately $536,000.
A number of other hedge funds also recently modified their holdings of COIN. Vanguard Group Inc. raised its stake in Coinbase Global by 19.8% in the 3rd quarter. Vanguard Group Inc. now owns 12,786,266 shares of the cryptocurrency exchange’s stock worth $824,587,000 after purchasing an additional 2,110,196 shares in the last quarter. Norges Bank acquired a new stake in Coinbase Global in the 4th quarter worth about $50,254,000. Renaissance Technologies LLC raised its stake in Coinbase Global by 84.7% in the 2nd quarter. Renaissance Technologies LLC now owns 3,057,000 shares of the cryptocurrency exchange’s stock worth $218,728,000 after purchasing an additional 1,402,169 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Coinbase Global in the 2nd quarter worth about $93,815,000. Finally, Contrarius Investment Management Ltd acquired a new stake in Coinbase Global in the 2nd quarter worth about $62,194,000. Institutional investors and hedge funds own 45.96% of the company’s stock.
Analyst Ratings Changes
Several brokerages have weighed in on COIN. The Goldman Sachs Group lifted their price objective on shares of Coinbase Global from $124.00 to $170.00 and gave the stock a “sell” rating in a research note on Tuesday. Wedbush raised their target price on shares of Coinbase Global from $180.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, February 16th. Keefe, Bruyette & Woods raised shares of Coinbase Global from an “underperform” rating to a “market perform” rating and raised their target price for the company from $93.00 to $160.00 in a report on Friday, February 16th. Needham & Company LLC raised their target price on shares of Coinbase Global from $160.00 to $180.00 and gave the company a “buy” rating in a report on Monday, January 8th. Finally, HC Wainwright raised their target price on shares of Coinbase Global from $115.00 to $250.00 and gave the company a “buy” rating in a report on Friday, February 16th. Five analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Coinbase Global currently has a consensus rating of “Hold” and an average target price of $128.19.
Check Out Our Latest Report on Coinbase Global
Insider Buying and Selling at Coinbase Global
In other Coinbase Global news, insider Paul Grewal sold 29,607 shares of the company’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $117.53, for a total value of $3,479,710.71. Following the completion of the transaction, the insider now directly owns 61,665 shares in the company, valued at approximately $7,247,487.45. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Brian Armstrong sold 50,000 shares of the company’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $125.19, for a total value of $6,259,500.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Paul Grewal sold 29,607 shares of the stock in a transaction on Monday, November 27th. The stock was sold at an average price of $117.53, for a total transaction of $3,479,710.71. Following the transaction, the insider now directly owns 61,665 shares in the company, valued at $7,247,487.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,209,123 shares of company stock worth $172,223,354. 33.16% of the stock is currently owned by company insiders.
Coinbase Global Trading Down 2.9 %
Shares of NASDAQ COIN opened at $165.98 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.03 and a current ratio of 1.03. Coinbase Global, Inc. has a 52-week low of $46.43 and a 52-week high of $193.64. The firm has a 50 day moving average price of $148.77 and a two-hundred day moving average price of $110.70. The stock has a market cap of $39.71 billion, a P/E ratio of 614.74 and a beta of 3.14.
Coinbase Global (NASDAQ:COIN – Get Free Report) last announced its quarterly earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $1.13. Coinbase Global had a net margin of 3.05% and a return on equity of 3.54%. The firm had revenue of $953.80 million during the quarter, compared to analysts’ expectations of $826.10 million. During the same period in the prior year, the company posted ($2.46) EPS. The company’s revenue was up 51.6% on a year-over-year basis. As a group, equities analysts forecast that Coinbase Global, Inc. will post 1 EPS for the current year.
Coinbase Global Company Profile
Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. It offers the primary financial account in the cryptoeconomy for consumers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment.
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