Capital Investment Advisors LLC has acquired a new stake in the shares of Coinbase Global, Inc. (NASDAQ: CURRENCY) during the first quarter, according to the company in its most recent communication with the Securities & Exchange Commission. The institutional investor bought 1,450 shares of the cryptocurrency exchange, valued at around $275,000.
Other hedge funds and other institutional investors have also recently changed their positions in the company. West Branch Capital LLC acquired a new position in shares of Coinbase Global during the fourth quarter worth approximately $25,000. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of Coinbase Global during the fourth quarter worth approximately $25,000. Wagner Wealth Management LLC acquired a new position in shares of Coinbase Global during the fourth quarter worth approximately $27,000. Cornerstone Advisory LLC acquired a new position in shares of Coinbase Global during the fourth quarter, valued at approximately $27,000. Finally, Gradient Investments LLC increased its holdings of Coinbase Global shares by 222.9% during the fourth quarter. Gradient Investments LLC now owns 113 shares of the cryptocurrency exchange valued at $29,000 after buying an additional 78 shares during the period. Hedge funds and other institutional investors own 39.01% of the company’s shares.
A number of research companies have weighed in on COIN recently. Cowen began covering Coinbase Global shares in a report on Thursday, May 26. They issued an “outperformance” rating on the stock. DA Davidson lowered its target price on Coinbase Global shares from $225.00 to $160.00 in a Tuesday, May 10 report. JMP Securities lowered its target price on Coinbase Global shares from $394.00 to $250.00 in a Wednesday, May 11 report. Compass Point lowered its target price on Coinbase Global shares from $325.00 to $200.00 and set a “neutral” rating on the stock in a Monday, Feb. 28 report. Finally, Wedbush lowered its target price on Coinbase Global shares from $160.00 to $100.00 in a Wednesday, May 11 report. Six research analysts gave the stock a hold rating and seventeen gave the stock a buy rating. According to MarketBeat.com, the stock currently has a “moderate buy” consensus rating and an average target price of $203.65.
In related news, Insider Paul Grewal sold 1,090 shares of the company in a transaction that took place on Monday, May 23. The shares were sold at an average price of $67.26, for a total value of $73,313.40. Following the completion of the transaction, the insider now directly owns 43,220 shares of the company, valued at approximately $2,906,977.20. The transaction was disclosed in a legal filing with the SEC, accessible via this link. Also, director Frederick Ernest Ehrsam III acquired 706,554 shares of the company in a transaction that took place on Friday, May 13. The shares were acquired at an average cost of $70.77 per share, with a total value of $50,002,826.58. Following the completion of the acquisition, the administrator now owns 706,554 shares of the company, valued at approximately $50,002,826.58. Disclosure of this purchase can be found here. Insiders have purchased a total of 1,121,844 shares of the company valued at $76,837,576 over the past three months. Insiders hold 36.10% of the shares of the company.
Coinbase Global Stock opened at $62.71 on Monday. Coinbase Global, Inc. has a 12-month low of $40.83 and a 12-month high of $368.90. The company has a 50-day moving average price of $83.36 and a 200-day moving average price of $160.44. The company has a market capitalization of $13.76 billion, a P/E ratio of 6.69 and a beta of 3.17. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt ratio of 0.52.
Coinbase Global (NASDAQ: CURRENCY – Get a rating) last released its results on Tuesday, May 10. The cryptocurrency exchange reported ($1.98) earnings per share for the quarter, missing analyst consensus estimates of $0.74 per ($2.72). Coinbase Global had a net margin of 33.63% and a return on equity of 42.39%. The company posted revenue of $1.17 billion for the quarter, versus a consensus estimate of $1.48 billion. In the same period a year earlier, the company had earned earnings per share of $3.05. The company’s revenue was down 35.2% year over year. Equity analysts expect Coinbase Global, Inc. to post EPS of -8.16 for the current fiscal year.
Coinbase Global Company Profile (Get a rating)
Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and around the world. The company offers the cryptoeconomy’s leading financial account for retailers; a marketplace with a pool of liquidity to transact 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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