Laurion Capital Management LP Purchases New Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Laurion Capital Management LP purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 3,360 shares of the cryptocurrency exchange’s stock, valued at approximately $834,000.

Several other institutional investors have also made changes to their positions in the stock. Investment Management Corp of Ontario boosted its stake in shares of Coinbase Global by 78.9% in the fourth quarter. Investment Management Corp of Ontario now owns 11,325 shares of the cryptocurrency exchange’s stock valued at $2,812,000 after buying an additional 4,994 shares during the period. Ionic Capital Management LLC bought a new stake in Coinbase Global during the fourth quarter worth $472,000. Janus Henderson Group PLC lifted its stake in Coinbase Global by 12.7% during the fourth quarter. Janus Henderson Group PLC now owns 17,499 shares of the cryptocurrency exchange’s stock worth $4,343,000 after purchasing an additional 1,975 shares during the last quarter. Gotham Asset Management LLC bought a new stake in Coinbase Global during the fourth quarter worth $446,000. Finally, Focus Partners Wealth lifted its stake in Coinbase Global by 122.8% during the fourth quarter. Focus Partners Wealth now owns 4,735 shares of the cryptocurrency exchange’s stock worth $1,202,000 after purchasing an additional 2,610 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Stock Performance

NASDAQ COIN opened at $199.47 on Monday. The company has a market capitalization of $50.64 billion, a price-to-earnings ratio of 21.00 and a beta of 3.62. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $349.75. The stock has a fifty day simple moving average of $187.38 and a 200 day simple moving average of $243.30. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). The company had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The business’s revenue for the quarter was up 24.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.53 earnings per share. Sell-side analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $275.26, for a total value of $6,881,500.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at $144,786.76. This represents a 97.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Grewal sold 10,978 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total value of $2,326,567.54. Following the completion of the sale, the insider now owns 83,313 shares of the company’s stock, valued at $17,656,524.09. The trade was a 11.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 153,742 shares of company stock worth $32,639,759 over the last three months. Company insiders own 17.65% of the company’s stock.

Analyst Upgrades and Downgrades

COIN has been the subject of several recent analyst reports. Citigroup restated a “neutral” rating on shares of Coinbase Global in a research note on Thursday. Rosenblatt Securities cut their target price on Coinbase Global from $290.00 to $260.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. Benchmark initiated coverage on Coinbase Global in a research note on Wednesday, April 23rd. They set a “buy” rating and a $252.00 target price for the company. JPMorgan Chase & Co. cut their target price on Coinbase Global from $276.00 to $215.00 and set a “neutral” rating for the company in a research note on Friday. Finally, Canaccord Genuity Group restated a “buy” rating and set a $400.00 target price on shares of Coinbase Global in a research note on Friday. One research analyst has rated the stock with a sell rating, ten have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $268.65.

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.