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Envestnet Asset Management Inc. raised its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 24.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 51,447 shares of the cryptocurrency exchange’s stock after purchasing an additional 9,952 shares during the period. Envestnet Asset Management Inc.’s holdings in Coinbase Global were worth $8,861,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Mascagni Wealth Management Inc. purchased a new stake in Coinbase Global in the fourth quarter worth approximately $25,000. Copia Wealth Management bought a new stake in Coinbase Global in the 4th quarter valued at $26,000. Mpwm Advisory Solutions LLC bought a new stake in Coinbase Global in the 4th quarter valued at $35,000. Brooklands Fund Management Ltd purchased a new position in shares of Coinbase Global in the 4th quarter worth $37,245,000. Finally, Ameriflex Group Inc. purchased a new position in shares of Coinbase Global in the 4th quarter worth $37,000. Institutional investors own 68.84% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on COIN shares. Barclays boosted their price objective on shares of Coinbase Global from $202.00 to $359.00 and gave the company an “equal weight” rating in a research report on Thursday, July 10th. Sanford C. Bernstein boosted their price objective on shares of Coinbase Global from $310.00 to $510.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 25th. Needham & Company LLC reduced their price objective on shares of Coinbase Global from $330.00 to $270.00 and set a “buy” rating for the company in a research note on Monday, May 12th. Piper Sandler boosted their price objective on shares of Coinbase Global from $190.00 to $350.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, Monness Crespi & Hardt upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and set a $300.00 price objective for the company in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $320.06.
Get Our Latest Research Report on COIN
Coinbase Global Trading Down 1.5%
NASDAQ:COIN opened at $413.63 on Tuesday. The company has a market capitalization of $105.01 billion, a PE ratio of 77.46, a price-to-earnings-growth ratio of 32.00 and a beta of 3.70. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $444.65. The stock has a fifty day simple moving average of $302.29 and a 200-day simple moving average of $251.26.
Coinbase Global (NASDAQ:COIN – Get Free Report) last released its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The company had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.22 billion. During the same quarter in the previous year, the firm posted $2.53 earnings per share. Coinbase Global’s revenue for the quarter was up 24.2% compared to the same quarter last year. On average, equities research analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.
Insider Activity at Coinbase Global
In related news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the firm’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the transaction, the director directly owned 10,417 shares in the company, valued at $2,632,167.56. This trade represents a 74.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Brian Armstrong sold 336,265 shares of the firm’s stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total value of $121,933,051.65. Following the transaction, the chief executive officer owned 526 shares in the company, valued at $190,732.86. This trade represents a 99.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,245,915 shares of company stock valued at $447,462,456. Company insiders own 23.43% of the company’s stock.
Coinbase Global Company Profile
Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.
See Also
Want to see what other hedge funds are holding COIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coinbase Global, Inc. (NASDAQ:COIN – Free Report).
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