Sovran Advisors LLC Acquires Shares of 1,274 Coinbase Global, Inc. (NASDAQ:COIN)

Sovran Advisors LLC bought a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,274 shares of the cryptocurrency exchange’s stock, valued at approximately $325,000.

Several other large investors have also recently modified their holdings of COIN. Banco Santander S.A. boosted its stake in Coinbase Global by 12.7% during the third quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock worth $26,531,000 after buying an additional 16,737 shares during the period. Global Retirement Partners LLC lifted its holdings in shares of Coinbase Global by 135.1% in the 3rd quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after acquiring an additional 1,540 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new stake in Coinbase Global in the 3rd quarter worth about $29,756,000. Lindbrook Capital LLC raised its position in Coinbase Global by 30.2% in the 3rd quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock worth $5,347,000 after purchasing an additional 6,963 shares during the period. Finally, Wellington Management Group LLP raised its position in Coinbase Global by 168.2% in the 3rd quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock worth $4,648,000 after purchasing an additional 16,363 shares during the period. Institutional investors own 68.84% of the company’s stock.

Insider Buying and Selling

In other news, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at $172,528. This represents a 99.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Paul Grewal sold 7,104 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $307.80, for a total transaction of $2,186,611.20. Following the transaction, the insider now owns 79,407 shares in the company, valued at approximately $24,441,474.60. This trade represents a 8.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 386,798 shares of company stock worth $114,707,944 in the last 90 days. 23.43% of the stock is owned by corporate insiders.

Coinbase Global Stock Performance

COIN stock opened at $274.90 on Thursday. The firm has a market cap of $68.82 billion, a price-to-earnings ratio of 46.91 and a beta of 3.61. The firm has a 50-day simple moving average of $282.81 and a two-hundred day simple moving average of $237.46. Coinbase Global, Inc. has a one year low of $137.13 and a one year high of $349.75. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on COIN shares. Oppenheimer cut their target price on Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. Keefe, Bruyette & Woods dropped their price objective on Coinbase Global from $275.00 to $255.00 and set a “market perform” rating for the company in a report on Monday, January 13th. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research report on Thursday, October 31st. Needham & Company LLC reduced their price target on shares of Coinbase Global from $420.00 to $330.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Finally, Mizuho raised shares of Coinbase Global from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $250.00 to $290.00 in a research note on Wednesday, January 29th. Nine equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $286.00.

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.