Avanza Fonder AB Takes Position in Coinbase Global, Inc. (NASDAQ:COIN)

Avanza Fonder AB purchased a new position in Coinbase Global, Inc. (NASDAQ:COIN) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 16,776 shares of the cryptocurrency exchange’s stock, valued at approximately $4,165,000.

Several other large investors have also added to or reduced their stakes in the stock. Envestnet Asset Management Inc. lifted its position in shares of Coinbase Global by 14.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 44,847 shares of the cryptocurrency exchange’s stock worth $9,966,000 after purchasing an additional 5,767 shares during the period. Wealth Alliance purchased a new stake in Coinbase Global in the second quarter worth about $230,000. Mercer Global Advisors Inc. ADV boosted its position in Coinbase Global by 26.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 12,118 shares of the cryptocurrency exchange’s stock valued at $2,697,000 after acquiring an additional 2,565 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its holdings in shares of Coinbase Global by 6.6% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,570 shares of the cryptocurrency exchange’s stock worth $571,000 after acquiring an additional 160 shares during the period. Finally, Amalgamated Bank raised its position in shares of Coinbase Global by 32.0% in the 2nd quarter. Amalgamated Bank now owns 12,935 shares of the cryptocurrency exchange’s stock worth $2,875,000 after acquiring an additional 3,133 shares in the last quarter. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Up 4.9 %

Shares of Coinbase Global stock opened at $295.48 on Friday. Coinbase Global, Inc. has a twelve month low of $114.51 and a twelve month high of $349.75. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The company’s 50 day moving average is $291.21 and its 200 day moving average is $231.24. The company has a market cap of $73.97 billion, a price-to-earnings ratio of 50.42 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the previous year, the company earned ($0.01) earnings per share. Coinbase Global’s quarterly revenue was up 78.8% compared to the same quarter last year. Research analysts anticipate that Coinbase Global, Inc. will post 4.69 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $209.98, for a total value of $2,099,800.00. Following the completion of the sale, the insider now directly owns 74,956 shares in the company, valued at $15,739,260.88. This represents a 11.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Brian Armstrong sold 58,269 shares of Coinbase Global stock in a transaction on Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 347,033 shares of company stock valued at $102,613,277. 23.43% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on COIN. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 price target on shares of Coinbase Global in a research note on Tuesday, October 29th. JMP Securities reiterated a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a research note on Wednesday, October 9th. Piper Sandler lifted their price target on shares of Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, January 7th. Oppenheimer cut their price objective on shares of Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $282.83.

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.