Coinbase Global, Inc. (NASDAQ:COIN) Shares Acquired by GAMMA Investing LLC

GAMMA Investing LLC lifted its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 18,515.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 193,414 shares of the cryptocurrency exchange’s stock after buying an additional 192,375 shares during the period. GAMMA Investing LLC owned approximately 0.08% of Coinbase Global worth $33,312,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Savant Capital LLC acquired a new position in shares of Coinbase Global during the fourth quarter worth approximately $591,000. KCM Investment Advisors LLC bought a new position in Coinbase Global during the 4th quarter valued at $507,000. Principal Securities Inc. boosted its stake in Coinbase Global by 35.3% during the 4th quarter. Principal Securities Inc. now owns 1,032 shares of the cryptocurrency exchange’s stock valued at $256,000 after purchasing an additional 269 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in Coinbase Global by 10.4% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,456 shares of the cryptocurrency exchange’s stock valued at $610,000 after purchasing an additional 232 shares in the last quarter. Finally, Stephens Inc. AR bought a new position in Coinbase Global during the 4th quarter valued at $261,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Price Performance

COIN opened at $258.91 on Wednesday. The stock has a fifty day moving average of $208.09 and a 200-day moving average of $244.77. The firm has a market capitalization of $65.73 billion, a P/E ratio of 27.25 and a beta of 3.62. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $349.75. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) 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). The business had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.22 billion. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. Coinbase Global’s revenue for the quarter was up 24.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.53 EPS. Equities analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on COIN shares. Sanford C. Bernstein raised Coinbase Global to a “strong-buy” rating in a research note on Tuesday, March 18th. Mizuho decreased their price target on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a research note on Tuesday, March 11th. Jefferies Financial Group reaffirmed a “hold” rating and set a $260.00 price target (up from $210.00) on shares of Coinbase Global in a research note on Tuesday, May 27th. Compass Point raised Coinbase Global from a “sell” rating to a “neutral” rating and set a $195.00 price target for the company in a research note on Monday, May 12th. Finally, Benchmark increased their price target on Coinbase Global from $252.00 to $301.00 and gave the company a “buy” rating in a research note on Friday, May 16th. Eleven research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Coinbase Global presently has an average rating of “Moderate Buy” and a consensus price target of $266.10.

Insider Activity

In other news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $198.12, for a total value of $1,981,200.00. Following the transaction, the insider now directly owns 83,313 shares of the company’s stock, valued at approximately $16,505,971.56. This represents a 10.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $247.15, for a total transaction of $6,178,750.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares in the company, valued at $130,000.90. This trade represents a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 195,717 shares of company stock worth $42,980,101 over the last quarter. Corporate insiders own 17.65% of the company’s stock.

Coinbase Global 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.