Coinbase Global, Inc. (NASDAQ:COIN) Stake Increased by Arete Wealth Advisors LLC

Arete Wealth Advisors LLC raised its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 228.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,247 shares of the cryptocurrency exchange’s stock after acquiring an additional 4,346 shares during the quarter. Arete Wealth Advisors LLC’s holdings in Coinbase Global were worth $1,556,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company grew its stake in Coinbase Global by 1.8% in the third quarter. The Manufacturers Life Insurance Company now owns 10,405 shares of the cryptocurrency exchange’s stock worth $1,854,000 after purchasing an additional 186 shares in the last quarter. Benjamin Edwards Inc. lifted its holdings in Coinbase Global by 481.7% during the 3rd quarter. Benjamin Edwards Inc. now owns 11,687 shares of the cryptocurrency exchange’s stock worth $2,082,000 after buying an additional 9,678 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Coinbase Global by 36.8% in the 3rd quarter. Janus Henderson Group PLC now owns 15,524 shares of the cryptocurrency exchange’s stock valued at $2,767,000 after acquiring an additional 4,177 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Coinbase Global during the 3rd quarter valued at approximately $450,000. Finally, Investment Management Corp of Ontario lifted its stake in Coinbase Global by 53.3% during the third quarter. Investment Management Corp of Ontario now owns 6,331 shares of the cryptocurrency exchange’s stock worth $1,128,000 after purchasing an additional 2,200 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Canaccord Genuity Group boosted their target price on shares of Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Keefe, Bruyette & Woods increased their price objective on shares of Coinbase Global from $255.00 to $305.00 and gave the stock a “market perform” rating in a research note on Tuesday, February 18th. HC Wainwright restated a “buy” rating and issued a $350.00 target price on shares of Coinbase Global in a research note on Friday, February 21st. Sanford C. Bernstein upgraded Coinbase Global to a “strong-buy” rating in a research report on Tuesday, March 18th. Finally, Rosenblatt Securities restated a “buy” rating and set a $305.00 price objective on shares of Coinbase Global in a research report on Wednesday, March 26th. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $314.72.

Coinbase Global Price Performance

COIN stock opened at $170.76 on Friday. Coinbase Global, Inc. has a one year low of $146.12 and a one year high of $349.75. The firm has a 50-day moving average of $229.74 and a two-hundred day moving average of $242.05. The firm has a market capitalization of $43.35 billion, a PE ratio of 17.97 and a beta of 3.66. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. On average, analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity

In related news, CEO Brian Armstrong sold 10,000 shares of the company’s stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $198.15, for a total transaction of $1,981,500.00. Following the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $104,226.90. The trade was a 95.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Grewal sold 10,978 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total value of $2,326,567.54. Following the sale, the insider now owns 83,313 shares of the company’s stock, valued at $17,656,524.09. The trade was a 11.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 190,609 shares of company stock worth $52,238,258 over the last quarter. Corporate insiders own 23.43% 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.