Resona Asset Management Co. Ltd. Purchases Shares of 54,146 Coinbase Global, Inc. (NASDAQ:COIN)

Resona Asset Management Co. Ltd. acquired a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 54,146 shares of the cryptocurrency exchange’s stock, valued at approximately $13,560,000.

Several other institutional investors have also made changes to their positions in COIN. Wingate Wealth Advisors Inc. bought a new position in Coinbase Global during the fourth quarter worth about $27,000. Atala Financial Inc bought a new position in shares of Coinbase Global during the 4th quarter worth approximately $27,000. MassMutual Private Wealth & Trust FSB boosted its stake in 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. Cullen Frost Bankers Inc. bought a new stake in Coinbase Global in the fourth quarter valued at $50,000. Finally, Bogart Wealth LLC raised its stake in Coinbase Global by 252.5% during the fourth quarter. Bogart Wealth LLC now owns 208 shares of the cryptocurrency exchange’s stock worth $52,000 after acquiring an additional 149 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on COIN shares. Keefe, Bruyette & Woods upped their target price on shares of Coinbase Global from $255.00 to $305.00 and gave the stock a “market perform” rating in a report on Tuesday, February 18th. Sanford C. Bernstein raised shares of Coinbase Global to a “strong-buy” rating in a research note on Tuesday, March 18th. Monness Crespi & Hardt set a $420.00 target price on shares of Coinbase Global in a research note on Tuesday, February 18th. The Goldman Sachs Group began coverage on Coinbase Global in a research report on Thursday, March 20th. They set a “neutral” rating and a $195.00 price target on the stock. Finally, Mizuho cut their price objective on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $314.72.

Coinbase Global Price Performance

COIN opened at $160.55 on Monday. The company has a fifty day moving average price of $226.99 and a two-hundred day moving average price of $243.17. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The firm has a market capitalization of $40.76 billion, a PE ratio of 16.90 and a beta of 3.65. Coinbase Global, Inc. has a 52 week low of $145.45 and a 52 week high of $349.75.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. As a group, analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 25,194 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $298.95, for a total value of $7,531,746.30. Following the completion of the sale, the director now owns 10,417 shares in the company, valued at $3,114,162.15. This represents a 70.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Alesia J. Haas sold 20,000 shares of the firm’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $300.00, for a total value of $6,000,000.00. Following the sale, the chief financial officer now directly owns 124,470 shares in the company, valued at $37,341,000. The trade was a 13.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 167,767 shares of company stock worth $45,798,184 in the last ninety days. Company insiders own 23.43% of the company’s stock.

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.