Ninety One SA PTY Ltd Purchases New Position in Coinbase Global, Inc. (NASDAQ:COIN)

Ninety One SA PTY Ltd purchased a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund purchased 25,488 shares of the cryptocurrency exchange’s stock, valued at approximately $6,329,000. Coinbase Global comprises 1.4% of Ninety One SA PTY Ltd’s investment portfolio, making the stock its 22nd largest position.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB boosted its position in shares of Coinbase Global by 365.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after buying an additional 106 shares during the last quarter. RPg Family Wealth Advisory LLC bought a new position in Coinbase Global during the 3rd quarter valued at $25,000. ORG Wealth Partners LLC purchased a new position in Coinbase Global during the 3rd quarter worth $32,000. Brown Brothers Harriman & Co. boosted its holdings in Coinbase Global by 408.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after acquiring an additional 204 shares during the last quarter. Finally, Financial Life Planners bought a new stake in shares of Coinbase Global in the 4th quarter worth $69,000. 68.84% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Frederick Ernest Ehrsam III sold 10,216 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $310.14, for a total value of $3,168,390.24. Following the completion of the transaction, the director now directly owns 10,417 shares in the company, valued at approximately $3,230,728.38. This trade represents a 49.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alesia J. Haas sold 5,700 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $266.87, for a total transaction of $1,521,159.00. Following the sale, the chief financial officer now directly owns 144,470 shares in the company, valued at $38,554,708.90. This trade represents a 3.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 371,570 shares of company stock worth $111,328,987 over the last 90 days. Corporate insiders own 23.43% of the company’s stock.

Coinbase Global Stock Down 1.4 %

COIN opened at $280.39 on Wednesday. Coinbase Global, Inc. has a 12 month low of $114.51 and a 12 month high of $349.75. The company has a market cap of $70.20 billion, a PE ratio of 47.85 and a beta of 3.61. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The company has a 50 day moving average of $287.18 and a 200 day moving average of $236.32.

Analysts Set New Price Targets

Several research analysts recently weighed in on COIN shares. Mizuho upgraded shares of Coinbase Global from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $250.00 to $290.00 in a report on Wednesday, January 29th. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a research note on Thursday, October 31st. Piper Sandler increased their price target on Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. B. Riley started coverage on Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target on the stock. Finally, Bank of America upped their price objective on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Nine investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $289.06.

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.