GAMMA Investing LLC Grows Position in Coinbase Global, Inc. (NASDAQ:COIN)

GAMMA Investing LLC grew its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 8.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,123 shares of the cryptocurrency exchange’s stock after purchasing an additional 84 shares during the period. GAMMA Investing LLC’s holdings in Coinbase Global were worth $193,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. KCM Investment Advisors LLC acquired a new stake in shares of Coinbase Global in the fourth quarter valued at about $507,000. Envestnet Portfolio Solutions Inc. increased its holdings in Coinbase Global by 10.4% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 2,456 shares of the cryptocurrency exchange’s stock valued at $610,000 after buying an additional 232 shares in the last quarter. Wealthcare Advisory Partners LLC lifted its position in shares of Coinbase Global by 87.0% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 3,355 shares of the cryptocurrency exchange’s stock valued at $578,000 after acquiring an additional 1,561 shares during the period. Resolute Advisors LLC lifted its position in shares of Coinbase Global by 18.2% during the 4th quarter. Resolute Advisors LLC now owns 9,730 shares of the cryptocurrency exchange’s stock valued at $2,416,000 after acquiring an additional 1,500 shares during the period. Finally, Proem Advisors LLC purchased a new stake in shares of Coinbase Global during the 4th quarter worth approximately $2,483,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $355.58 on Friday. The company has a market cap of $90.27 billion, a P/E ratio of 66.59, a P/E/G ratio of 25.93 and a beta of 3.70. The business has a fifty day simple moving average of $262.31 and a 200-day simple moving average of $242.92. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $382.00. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing the consensus estimate 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 21.14% and a return on equity of 20.25%. The firm’s quarterly revenue was up 24.2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.53 EPS. Equities research analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on COIN shares. Sanford C. Bernstein raised their price objective on Coinbase Global from $310.00 to $510.00 and gave the company an “outperform” rating in a research note on Wednesday, June 25th. Barclays raised their price target on Coinbase Global from $169.00 to $202.00 and gave the company an “equal weight” rating in a research report on Monday, May 12th. Monness Crespi & Hardt upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and set a $300.00 price objective on the stock in a research report on Tuesday, May 13th. Canaccord Genuity Group reissued a “buy” rating and issued a $400.00 price objective on shares of Coinbase Global in a research note on Friday, May 9th. Finally, JMP Securities restated a “market outperform” rating and set a $400.00 target price on shares of Coinbase Global in a research report on Wednesday, June 25th. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $291.06.

Insider Buying and Selling at Coinbase Global

In other news, CFO Alesia J. Haas sold 3,000 shares of the business’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $360.20, for a total transaction of $1,080,600.00. Following the completion of the sale, the chief financial officer owned 97,366 shares in the company, valued at approximately $35,071,233.20. The trade was a 2.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total transaction of $3,486,400.00. Following the sale, the insider directly owned 82,328 shares of the company’s stock, valued at approximately $28,702,833.92. This trade represents a 10.83% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 685,915 shares of company stock valued at $222,081,432. Company 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.