NewEdge Wealth LLC Takes $289,000 Position in Coinbase Global, Inc. (NASDAQ:COIN)

NewEdge Wealth LLC bought a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the 4th quarter, HoldingsChannel reports. The fund bought 1,662 shares of the cryptocurrency exchange’s stock, valued at approximately $289,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Barrett & Company Inc. purchased a new stake in Coinbase Global during the fourth quarter worth about $26,000. Ancora Advisors LLC boosted its holdings in Coinbase Global by 144.0% during the fourth quarter. Ancora Advisors LLC now owns 737 shares of the cryptocurrency exchange’s stock worth $26,000 after buying an additional 435 shares in the last quarter. Tyler Stone Wealth Management purchased a new stake in Coinbase Global during the second quarter worth about $31,000. AlphaMark Advisors LLC purchased a new stake in Coinbase Global during the fourth quarter worth about $33,000. Finally, Bessemer Group Inc. boosted its holdings in Coinbase Global by 100.0% during the fourth quarter. Bessemer Group Inc. now owns 1,000 shares of the cryptocurrency exchange’s stock worth $36,000 after buying an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Price Performance

Coinbase Global stock opened at $213.78 on Thursday. Coinbase Global, Inc. has a 52-week low of $46.43 and a 52-week high of $283.48. The firm has a fifty day moving average of $221.60 and a 200-day moving average of $154.18. The firm has a market capitalization of $51.79 billion, a P/E ratio of 791.78 and a beta of 3.41. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.47.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $1.13. Coinbase Global had a net margin of 3.05% and a return on equity of 3.54%. The company had revenue of $953.80 million during the quarter, compared to analyst estimates of $826.10 million. During the same quarter in the prior year, the business earned ($2.46) earnings per share. The business’s quarterly revenue was up 51.6% compared to the same quarter last year. As a group, analysts predict that Coinbase Global, Inc. will post 2.43 EPS for the current year.

Insider Transactions at Coinbase Global

In other news, Director Frederick Ernest Ehrsam III sold 97,836 shares of the stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $131.57, for a total value of $12,872,282.52. Following the completion of the sale, the director now owns 6,072 shares of the company’s stock, valued at $798,893.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Frederick Ernest Ehrsam III sold 97,836 shares of the firm’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $131.57, for a total transaction of $12,872,282.52. Following the completion of the sale, the director now directly owns 6,072 shares of the company’s stock, valued at approximately $798,893.04. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Alesia J. Haas sold 64,000 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $228.45, for a total transaction of $14,620,800.00. Following the sale, the chief financial officer now directly owns 219,490 shares of the company’s stock, valued at $50,142,490.50. The disclosure for this sale can be found here. Insiders sold 590,978 shares of company stock valued at $103,440,000 over the last 90 days. Corporate insiders own 33.16% of the company’s stock.

Wall Street Analyst Weigh In

COIN has been the topic of a number of research analyst reports. JMP Securities reissued a “market outperform” rating on shares of Coinbase Global in a report on Friday, March 22nd. Bank of America boosted their price objective on shares of Coinbase Global from $92.00 to $110.00 and gave the stock an “underperform” rating in a report on Wednesday, April 10th. Mizuho upped their price target on shares of Coinbase Global from $84.00 to $145.00 and gave the company an “underperform” rating in a report on Friday, April 12th. Oppenheimer upped their price target on shares of Coinbase Global from $200.00 to $276.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Finally, HC Wainwright upped their price target on shares of Coinbase Global from $115.00 to $250.00 and gave the company a “buy” rating in a report on Friday, February 16th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $163.70.

About Coinbase Global

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.