Avanza Fonder AB Purchases Shares of 16,776 Coinbase Global, Inc. (NASDAQ:COIN)

Avanza Fonder AB acquired a new position in Coinbase Global, Inc. (NASDAQ:COIN) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 16,776 shares of the cryptocurrency exchange’s stock, valued at approximately $4,165,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC lifted its holdings in Coinbase Global by 10.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after purchasing an additional 314,388 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Coinbase Global by 2.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after buying an additional 71,398 shares during the last quarter. Clear Street Derivatives LLC purchased a new position in shares of Coinbase Global in the third quarter worth $409,919,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Coinbase Global by 6.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock worth $163,752,000 after buying an additional 52,856 shares in the last quarter. Finally, Ribbit Management Company LLC boosted its position in shares of Coinbase Global by 4.7% during the third quarter. Ribbit Management Company LLC now owns 394,100 shares of the cryptocurrency exchange’s stock worth $70,217,000 after acquiring an additional 17,650 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Price Performance

COIN stock opened at $295.48 on Friday. The stock has a market cap of $73.97 billion, a PE ratio of 50.42 and a beta of 3.59. Coinbase Global, Inc. has a 12 month low of $114.51 and a 12 month high of $349.75. The company has a 50-day moving average price of $291.21 and a 200 day moving average price of $231.24. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). The business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The firm’s quarterly revenue was up 78.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.01) EPS. Equities research analysts anticipate that Coinbase Global, Inc. will post 4.69 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating on the stock in a report on Monday, January 13th. Oppenheimer reduced their target price on Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a report on Friday. Mizuho increased their price target on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a research note on Thursday, October 31st. Finally, The Goldman Sachs Group lowered their target price on Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $282.83.

Insider Activity at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the completion of the sale, the insider now directly owns 74,956 shares of the company’s stock, valued at approximately $15,739,260.88. The trade was a 11.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alesia J. Haas sold 20,000 shares of the firm’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $300.00, for a total transaction of $6,000,000.00. Following the completion of the transaction, the chief financial officer now directly owns 124,470 shares in the company, valued at $37,341,000. This represents a 13.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 347,033 shares of company stock worth $102,613,277 in the last quarter. 23.43% of the stock is owned by company insiders.

Coinbase Global Company 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.