Envestnet Asset Management Inc. Buys 24,234 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Envestnet Asset Management Inc. boosted its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 83.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 53,125 shares of the cryptocurrency exchange’s stock after acquiring an additional 24,234 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Coinbase Global were worth $2,498,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Van ECK Associates Corp lifted its position in Coinbase Global by 93.8% in the 2nd quarter. Van ECK Associates Corp now owns 112,548 shares of the cryptocurrency exchange’s stock valued at $5,292,000 after acquiring an additional 54,463 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in Coinbase Global in the 2nd quarter valued at $921,000. AE Wealth Management LLC bought a new stake in Coinbase Global in the 2nd quarter valued at $829,000. DekaBank Deutsche Girozentrale bought a new stake in Coinbase Global in the 2nd quarter valued at $714,000. Finally, FDx Advisors Inc. increased its stake in Coinbase Global by 31.2% in the 2nd quarter. FDx Advisors Inc. now owns 6,934 shares of the cryptocurrency exchange’s stock valued at $326,000 after buying an additional 1,648 shares during the last quarter. 49.31% of the stock is owned by institutional investors.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 29,732 shares of the company’s stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $54.66, for a total transaction of $1,625,151.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Coinbase Global news, Director Tobias Lutke purchased 6,495 shares of the firm’s stock in a transaction on Tuesday, November 8th. The stock was purchased at an average cost of $54.50 per share, for a total transaction of $353,977.50. Following the transaction, the director now owns 99,946 shares in the company, valued at approximately $5,447,057. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 29,732 shares of the company’s stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $54.66, for a total transaction of $1,625,151.12. The disclosure for this sale can be found here. Insiders acquired 66,493 shares of company stock valued at $4,466,529 in the last quarter. Company insiders own 36.10% of the company’s stock.

Coinbase Global Stock Performance

NASDAQ COIN opened at $48.83 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $11.08 billion, a P/E ratio of -8.04 and a beta of 2.50. Coinbase Global, Inc. has a 12-month low of $40.83 and a 12-month high of $348.49. The firm has a 50-day moving average price of $66.36 and a two-hundred day moving average price of $68.17.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on COIN shares. Daiwa Capital Markets lowered shares of Coinbase Global from a “buy” rating to a “neutral” rating and lowered their price target for the company from $82.00 to $52.00 in a research note on Wednesday, November 9th. Atlantic Securities lifted their price target on shares of Coinbase Global from $54.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday, September 6th. Citigroup lowered their price target on shares of Coinbase Global from $105.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, November 10th. JMP Securities lowered their price target on shares of Coinbase Global from $195.00 to $155.00 and set a “market outperform” rating on the stock in a research note on Tuesday, October 11th. Finally, DA Davidson lowered their price target on shares of Coinbase Global from $100.00 to $70.00 and set a “buy” rating on the stock in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $103.30.

About Coinbase Global

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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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Institutional Ownership by Quarter for Coinbase Global (NASDAQ:COIN)

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