Covenant Asset Management LLC Has $1.15 Million Position in Coinbase Global, Inc. (NASDAQ:COIN)

Covenant Asset Management LLC cut its position in Coinbase Global, Inc. (NASDAQ:COIN) by 14.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,630 shares of the cryptocurrency exchange’s stock after selling 800 shares during the quarter. Covenant Asset Management LLC’s holdings in Coinbase Global were worth $1,150,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wingate Wealth Advisors Inc. acquired a new position in shares of Coinbase Global in the 4th quarter valued at approximately $27,000. MassMutual Private Wealth & Trust FSB raised its position in shares of Coinbase Global by 365.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after buying an additional 106 shares in the last quarter. RPg Family Wealth Advisory LLC acquired a new position in shares of Coinbase Global in the 3rd quarter valued at approximately $25,000. Bogart Wealth LLC increased its position in Coinbase Global by 252.5% during the 4th quarter. Bogart Wealth LLC now owns 208 shares of the cryptocurrency exchange’s stock worth $52,000 after purchasing an additional 149 shares in the last quarter. Finally, Spirit of America Management Corp NY increased its position in Coinbase Global by 66.7% during the 4th quarter. Spirit of America Management Corp NY now owns 250 shares of the cryptocurrency exchange’s stock worth $62,000 after purchasing an additional 100 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on COIN shares. Piper Sandler upped their price objective on shares of Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a research report on Friday. Mizuho upgraded shares of Coinbase Global from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $250.00 to $290.00 in a research report on Wednesday, January 29th. Monness Crespi & Hardt upped their price objective on shares of Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Keefe, Bruyette & Woods lowered their price objective on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating for the company in a research report on Monday, January 13th. Finally, Canaccord Genuity Group upped their price objective on shares of Coinbase Global from $280.00 to $400.00 and gave the stock a “buy” rating in a research report on Friday. Nine equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $301.17.

Coinbase Global Stock Down 8.0 %

Coinbase Global stock opened at $274.31 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. Coinbase Global, Inc. has a 12-month low of $146.12 and a 12-month high of $349.75. The firm’s fifty day moving average is $280.97 and its 200 day moving average is $238.16. The company has a market capitalization of $68.67 billion, a PE ratio of 46.81 and a beta of 3.61.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, topping the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. As a group, sell-side analysts predict that Coinbase Global, Inc. will post 4.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 7,104 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $307.80, for a total value of $2,186,611.20. Following the completion of the sale, the insider now owns 79,407 shares in the company, valued at $24,441,474.60. This represents a 8.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Jennifer N. Jones sold 1,837 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $295.02, for a total transaction of $541,951.74. Following the completion of the sale, the chief accounting officer now owns 1,160 shares of the company’s stock, valued at approximately $342,223.20. This represents a 61.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 386,798 shares of company stock worth $114,707,944. Insiders own 23.43% of the company’s stock.

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.