Prudential PLC Increases Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Prudential PLC increased its stake in Coinbase Global, Inc. (NASDAQ:COIN – Get Rating) by 113.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,728 shares of the cryptocurrency exchange’s stock after buying an additional 5,697 shares during the period. Prudential PLC’s holdings in Coinbase Global were worth $380,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in COIN. Nuveen Asset Management LLC raised its holdings in shares of Coinbase Global by 44.5% in the third quarter. Nuveen Asset Management LLC now owns 422,768 shares of the cryptocurrency exchange’s stock valued at $27,265,000 after acquiring an additional 130,178 shares in the last quarter. Empowered Funds LLC purchased a new position in Coinbase Global during the third quarter valued at approximately $200,000. Lindbrook Capital LLC increased its holdings in Coinbase Global by 2,842.8% during the fourth quarter. Lindbrook Capital LLC now owns 64,800 shares of the cryptocurrency exchange’s stock valued at $2,293,000 after buying an additional 62,598 shares during the period. Toronto Dominion Bank increased its holdings in Coinbase Global by 2.8% during the third quarter. Toronto Dominion Bank now owns 32,944 shares of the cryptocurrency exchange’s stock valued at $2,124,000 after buying an additional 889 shares during the period. Finally, Ethic Inc. purchased a new position in Coinbase Global during the third quarter valued at approximately $290,000. Institutional investors own 46.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Canaccord Genuity Group decreased their price objective on Coinbase Global from $120.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, February 22nd. HC Wainwright assumed coverage on Coinbase Global in a report on Wednesday, April 26th. They set a “buy” rating and a $75.00 price objective for the company. Daiwa Capital Markets upgraded Coinbase Global from a “neutral” rating to a “buy” rating and increased their price objective for the company from $58.00 to $65.00 in a report on Monday, May 8th. Berenberg Bank assumed coverage on Coinbase Global in a report on Monday. They set a “hold” rating and a $55.00 price objective for the company. Finally, Needham & Company LLC decreased their price objective on Coinbase Global from $73.00 to $70.00 in a report on Monday, May 1st. Six equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $65.88.

Coinbase Global Trading Down 1.3 %

Shares of Coinbase Global stock opened at $60.26 on Friday. The firm has a market capitalization of $14.13 billion, a PE ratio of -5.90 and a beta of 2.58. Coinbase Global, Inc. has a twelve month low of $31.55 and a twelve month high of $116.30. The firm’s 50-day moving average price is $62.31 and its 200 day moving average price is $55.01. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.60.

Coinbase Global (NASDAQ:COIN – Get Rating) last issued its quarterly earnings results on Tuesday, February 21st. The cryptocurrency exchange reported ($2.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.39) by ($0.07). Coinbase Global had a negative net margin of 81.21% and a negative return on equity of 38.28%. The company had revenue of $629.10 million during the quarter, compared to analysts’ expectations of $587.37 million. During the same period in the prior year, the business posted $3.32 earnings per share. The company’s quarterly revenue was down 74.7% compared to the same quarter last year. On average, sell-side analysts predict that Coinbase Global, Inc. will post -1.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 1,485 shares of the firm’s stock in a transaction that occurred on Monday, March 20th. The shares were sold at an average price of $77.00, for a total value of $114,345.00. Following the transaction, the insider now directly owns 63,250 shares of the company’s stock, valued at approximately $4,870,250. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Coinbase Global news, insider Paul Grewal sold 1,485 shares of the firm’s stock in a transaction that occurred on Monday, March 20th. The shares were sold at an average price of $77.00, for a total value of $114,345.00. Following the transaction, the insider now directly owns 63,250 shares of the company’s stock, valued at approximately $4,870,250. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frederick Ernest Ehrsam III bought 100,000 shares of the firm’s stock in a transaction on Tuesday, May 9th. The stock was acquired at an average cost of $59.65 per share, for a total transaction of $5,965,000.00. Following the completion of the purchase, the director now directly owns 1,221,844 shares in the company, valued at $72,882,994.60. The disclosure for this purchase can be found here. Insiders have sold 186,360 shares of company stock valued at $12,045,086 in the last ninety days. 36.10% of the stock is currently owned by corporate insiders.

Coinbase Global Profile

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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.