Fernwood Investment Management LLC Invests $231,000 in Coinbase Global, Inc. (NASDAQ:COIN)

Fernwood Investment Management LLC bought a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 1,299 shares of the cryptocurrency exchange’s stock, valued at approximately $231,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Cannon Global Investment Management LLC purchased a new stake in Coinbase Global in the third quarter valued at approximately $267,000. Emerald Advisers LLC purchased a new stake in Coinbase Global in the 3rd quarter valued at $238,000. Van ECK Associates Corp boosted its stake in Coinbase Global by 110.4% during the 3rd quarter. Van ECK Associates Corp now owns 198,788 shares of the cryptocurrency exchange’s stock worth $35,418,000 after purchasing an additional 104,292 shares during the period. Janney Montgomery Scott LLC grew its position in Coinbase Global by 20.1% during the 3rd quarter. Janney Montgomery Scott LLC now owns 38,634 shares of the cryptocurrency exchange’s stock worth $6,883,000 after purchasing an additional 6,466 shares during the last quarter. Finally, Creative Financial Designs Inc. ADV increased its stake in Coinbase Global by 9.4% in the third quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock valued at $106,000 after purchasing an additional 51 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Insider Buying and Selling

In other Coinbase Global news, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the sale, the chief executive officer now owns 526 shares in the company, valued at approximately $91,487.18. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Coinbase Global news, CEO Brian Armstrong sold 23,075 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total value of $4,013,434.75. Following the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $91,487.18. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Alesia J. Haas sold 5,250 shares of Coinbase Global stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the sale, the chief financial officer now owns 169,786 shares of the company’s stock, valued at approximately $33,150,716.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 79,687 shares of company stock worth $14,908,594 in the last ninety days. Insiders own 23.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on COIN. Barclays increased their target price on shares of Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a research note on Thursday. Compass Point lowered their target price on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Canaccord Genuity Group restated a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research note on Thursday. Monness Crespi & Hardt assumed coverage on shares of Coinbase Global in a research report on Monday, October 28th. They issued a “buy” rating and a $245.00 price objective on the stock. Finally, Mizuho boosted their price objective on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $246.28.

Coinbase Global Price Performance

Coinbase Global stock traded up $3.63 during trading hours on Friday, hitting $182.88. The stock had a trading volume of 14,443,372 shares, compared to its average volume of 10,663,046. The stock has a market capitalization of $45.44 billion, a price-to-earnings ratio of 31.21 and a beta of 3.33. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. Coinbase Global, Inc. has a 1-year low of $80.81 and a 1-year high of $283.48. The stock’s fifty day moving average is $180.98 and its two-hundred day moving average is $208.66.

Coinbase Global (NASDAQ:COIN) last posted its 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 business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter last year, the business posted ($0.01) earnings per share. The business’s revenue was up 78.8% compared to the same quarter last year. As a group, analysts predict that Coinbase Global, Inc. will post 4.02 earnings per share for the current fiscal year.

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.