Grant Private Wealth Management Inc Acquires New Position in Coinbase Global, Inc. (NASDAQ:COIN)

Grant Private Wealth Management Inc bought a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 4th quarter, HoldingsChannel.com reports. The fund bought 7,089 shares of the cryptocurrency exchange’s stock, valued at approximately $1,760,000. Coinbase Global accounts for about 1.9% of Grant Private Wealth Management Inc’s portfolio, making the stock its 13th biggest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank purchased a new position in shares of Coinbase Global in the fourth quarter worth about $536,484,000. Groupama Asset Managment acquired a new stake in Coinbase Global during the 4th quarter valued at approximately $372,450,000. Proficio Capital Partners LLC boosted its holdings in shares of Coinbase Global by 30,664.4% in the 4th quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock valued at $103,888,000 after acquiring an additional 417,036 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after acquiring an additional 314,388 shares during the period. Finally, Wellington Management Group LLP raised its holdings in shares of Coinbase Global by 1,159.9% during the fourth quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange’s stock worth $81,612,000 after purchasing an additional 302,595 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $261.07, for a total value of $6,526,750.00. Following the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $137,322.82. The trade was a 97.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 5,262 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $300.09, for a total value of $1,579,073.58. Following the sale, the director now owns 10,417 shares of the company’s stock, valued at $3,126,037.53. This trade represents a 33.56 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 215,609 shares of company stock valued at $58,765,008. Corporate insiders own 23.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on COIN. Bank of America lowered their price target on shares of Coinbase Global from $363.00 to $311.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Keefe, Bruyette & Woods upped their price objective on Coinbase Global from $255.00 to $305.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 18th. Rosenblatt Securities reaffirmed a “buy” rating and set a $305.00 target price on shares of Coinbase Global in a report on Wednesday, March 26th. Sanford C. Bernstein upgraded shares of Coinbase Global to a “strong-buy” rating in a research note on Tuesday, March 18th. Finally, The Goldman Sachs Group started coverage on shares of Coinbase Global in a research report on Thursday, March 20th. They set a “neutral” rating and a $195.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Moderate Buy” and an average target price of $314.72.

Coinbase Global Trading Up 4.8 %

NASDAQ COIN opened at $182.95 on Thursday. The firm’s 50-day moving average is $232.25 and its two-hundred day moving average is $242.55. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. Coinbase Global, Inc. has a 12 month low of $146.12 and a 12 month high of $349.75. The stock has a market capitalization of $46.45 billion, a P/E ratio of 19.26 and a beta of 3.66.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Coinbase Global Company 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.