Fiduciary Alliance LLC Acquires New Position in Coinbase Global, Inc. (NASDAQ:COIN)

Fiduciary Alliance LLC bought a new position in Coinbase Global, Inc. (NASDAQ:COIN) during the first quarter, Holdings Channel.com reports. The institutional investor bought 4,110 shares of the cryptocurrency exchange’s stock, valued at approximately $1,036,000.

Several other institutional investors and hedge funds have also made changes to their positions in COIN. Vanguard Group Inc. boosted its stake in Coinbase Global by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 14,281,280 shares of the cryptocurrency exchange’s stock worth $2,483,800,000 after buying an additional 408,046 shares during the last quarter. Morgan Stanley boosted its position in shares of Coinbase Global by 18.5% during the 3rd quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock valued at $246,250,000 after acquiring an additional 511,397 shares during the last quarter. Norges Bank purchased a new stake in shares of Coinbase Global in the fourth quarter valued at about $202,936,000. Northern Trust Corp increased its position in Coinbase Global by 4.3% during the third quarter. Northern Trust Corp now owns 897,166 shares of the cryptocurrency exchange’s stock worth $67,359,000 after purchasing an additional 37,019 shares during the last quarter. Finally, a16z Perennial Management L.P. purchased a new position in Coinbase Global during the fourth quarter worth about $147,646,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Stock Down 0.8 %

Shares of Coinbase Global stock traded down $1.77 during trading hours on Friday, reaching $222.23. 10,944,920 shares of the company were exchanged, compared to its average volume of 8,048,456. The firm has a market cap of $54.57 billion, a PE ratio of 44.36 and a beta of 3.44. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.02. Coinbase Global, Inc. has a 1 year low of $68.15 and a 1 year high of $283.48. The stock’s fifty day moving average is $227.70 and its 200 day moving average is $201.84.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.61. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. As a group, equities research analysts forecast that Coinbase Global, Inc. will post 5.01 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $219.45, for a total value of $2,194,500.00. Following the completion of the transaction, the insider now owns 71,195 shares in the company, valued at $15,623,742.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Frederick Ernest Ehrsam III sold 114,216 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $202.30, for a total value of $23,105,896.80. Following the transaction, the director now owns 4,662 shares in the company, valued at approximately $943,122.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $219.45, for a total value of $2,194,500.00. Following the sale, the insider now owns 71,195 shares of the company’s stock, valued at approximately $15,623,742.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 360,021 shares of company stock worth $80,655,822. Company insiders own 23.43% of the company’s stock.

Wall Street Analyst Weigh In

COIN has been the subject of a number of recent analyst reports. Bank of America upgraded shares of Coinbase Global from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $110.00 to $217.00 in a report on Friday, May 17th. Canaccord Genuity Group raised their target price on Coinbase Global from $240.00 to $280.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Raymond James raised Coinbase Global from an “underperform” rating to a “market perform” rating in a research note on Tuesday, March 12th. JMP Securities reissued a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a research report on Friday, May 3rd. Finally, Barclays boosted their price objective on shares of Coinbase Global from $179.00 to $204.00 and gave the company an “underweight” rating in a report on Monday, May 6th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $215.50.

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.