Strategic Planning Group LLC Makes New $2.94 Million Investment in Coinbase Global, Inc. (NASDAQ:COIN)

Strategic Planning Group LLC purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 11,828 shares of the cryptocurrency exchange’s stock, valued at approximately $2,937,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in COIN. MassMutual Private Wealth & Trust FSB grew its position in Coinbase Global by 365.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after acquiring an additional 106 shares during the period. RPg Family Wealth Advisory LLC acquired a new position in shares of Coinbase Global in the 3rd quarter valued at $25,000. ORG Wealth Partners LLC purchased a new position in shares of Coinbase Global during the 3rd quarter worth $32,000. Brown Brothers Harriman & Co. increased its position in shares of Coinbase Global by 408.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after purchasing an additional 204 shares during the last quarter. Finally, Versant Capital Management Inc raised its holdings in Coinbase Global by 106.9% in the 4th quarter. Versant Capital Management Inc now owns 298 shares of the cryptocurrency exchange’s stock valued at $74,000 after buying an additional 154 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. The Goldman Sachs Group lowered their target price on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. B. Riley initiated coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective for the company. Mizuho raised Coinbase Global from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $250.00 to $290.00 in a research report on Wednesday. HC Wainwright restated a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a research report on Tuesday, October 29th. Finally, Piper Sandler boosted their price objective on Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $289.06.

Insider Activity at Coinbase Global

In other news, Director Frederick Ernest Ehrsam III sold 10,216 shares of the stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $310.14, for a total value of $3,168,390.24. Following the completion of the sale, the director now directly owns 10,417 shares of the company’s stock, valued at approximately $3,230,728.38. This represents a 49.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $172,528. This trade represents a 99.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 376,205 shares of company stock valued at $112,487,737 in the last ninety days. Insiders own 23.43% of the company’s stock.

Coinbase Global Trading Up 3.3 %

COIN opened at $291.00 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. Coinbase Global, Inc. has a one year low of $114.51 and a one year high of $349.75. The company has a market cap of $72.85 billion, a P/E ratio of 49.66 and a beta of 3.59. The business’s 50-day simple moving average is $288.15 and its 200-day simple moving average is $235.21.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS 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 company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the prior year, the company earned ($0.01) earnings per share. The business’s revenue for the quarter was up 78.8% on a year-over-year basis. As a group, equities research analysts expect that Coinbase Global, Inc. will post 4.81 EPS 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.