Transcend Capital Advisors LLC Invests $427,000 in Coinbase Global, Inc. (NASDAQ:COIN)

Transcend Capital Advisors LLC acquired a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 2,458 shares of the cryptocurrency exchange’s stock, valued at approximately $427,000.

Several other hedge funds have also made changes to their positions in COIN. Morgan Stanley boosted its holdings in shares of Coinbase Global by 18.5% during the third quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock worth $246,250,000 after purchasing an additional 511,397 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Coinbase Global by 142.3% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 733,180 shares of the cryptocurrency exchange’s stock valued at $55,047,000 after acquiring an additional 430,546 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Coinbase Global in the fourth quarter valued at $34,422,000. Vanguard Group Inc. boosted its holdings in Coinbase Global by 1.3% in the third quarter. Vanguard Group Inc. now owns 13,873,234 shares of the cryptocurrency exchange’s stock valued at $1,041,602,000 after acquiring an additional 176,525 shares during the last quarter. Finally, Barclays PLC boosted its holdings in Coinbase Global by 41.5% in the third quarter. Barclays PLC now owns 404,779 shares of the cryptocurrency exchange’s stock valued at $30,394,000 after acquiring an additional 118,670 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on COIN shares. The Goldman Sachs Group upgraded Coinbase Global from a “sell” rating to a “neutral” rating in a report on Friday, March 8th. Sanford C. Bernstein lifted their target price on Coinbase Global from $80.00 to $200.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Oppenheimer lifted their target price on Coinbase Global from $200.00 to $276.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Barclays boosted their price objective on Coinbase Global from $146.00 to $179.00 and gave the stock an “underweight” rating in a research note on Monday, April 8th. Finally, Mizuho boosted their price objective on Coinbase Global from $84.00 to $145.00 and gave the stock an “underperform” rating in a research note on Friday, April 12th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Coinbase Global currently has an average rating of “Hold” and an average price target of $167.81.

Coinbase Global Stock Down 7.7 %

Shares of Coinbase Global stock opened at $218.16 on Tuesday. The firm has a market cap of $52.85 billion, a P/E ratio of 808.00 and a beta of 3.41. The business has a 50-day moving average price of $232.50 and a 200 day moving average price of $163.08. Coinbase Global, Inc. has a fifty-two week low of $46.43 and a fifty-two week high of $283.48. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.47.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 EPS for the quarter, beating the consensus estimate of ($0.09) by $1.13. The company had revenue of $953.80 million during the quarter, compared to analyst estimates of $826.10 million. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. The business’s revenue was up 51.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($2.46) earnings per share. On average, sell-side analysts forecast that Coinbase Global, Inc. will post 2.43 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Paul Grewal sold 10,257 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $275.60, for a total transaction of $2,826,829.20. Following the completion of the transaction, the insider now directly owns 66,122 shares in the company, valued at $18,223,223.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 97,836 shares of the company’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $131.57, for a total value of $12,872,282.52. Following the completion of the sale, the director now directly owns 6,072 shares in the company, valued at $798,893.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Grewal sold 10,257 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $275.60, for a total value of $2,826,829.20. Following the completion of the sale, the insider now owns 66,122 shares of the company’s stock, valued at $18,223,223.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 542,208 shares of company stock valued at $101,867,103. 33.16% of the stock is currently owned by insiders.

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.