Coinbase Global, Inc. (NASDAQ:COIN) Shares Purchased by Investment Management Corp of Ontario

Investment Management Corp of Ontario boosted its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 78.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,325 shares of the cryptocurrency exchange’s stock after purchasing an additional 4,994 shares during the quarter. Investment Management Corp of Ontario’s holdings in Coinbase Global were worth $2,812,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Coinbase Global by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange’s stock valued at $4,573,462,000 after acquiring an additional 128,802 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Coinbase Global by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock valued at $882,822,000 after acquiring an additional 127,075 shares during the period. Norges Bank acquired a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $536,484,000. Groupama Asset Managment acquired a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $372,450,000. Finally, Northern Trust Corp raised its stake in shares of Coinbase Global by 20.3% during the fourth quarter. Northern Trust Corp now owns 1,294,758 shares of the cryptocurrency exchange’s stock worth $321,488,000 after purchasing an additional 218,400 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Keefe, Bruyette & Woods upped their price target on Coinbase Global from $183.00 to $205.00 and gave the stock a “market perform” rating in a research note on Friday. Piper Sandler upped their price target on Coinbase Global from $180.00 to $190.00 and gave the stock a “neutral” rating in a research note on Friday. Monness Crespi & Hardt cut Coinbase Global from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 6th. HC Wainwright restated a “buy” rating and set a $350.00 price target on shares of Coinbase Global in a research note on Friday, February 21st. Finally, Canaccord Genuity Group restated a “buy” rating and set a $400.00 price target on shares of Coinbase Global in a research note on Friday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Coinbase Global has a consensus rating of “Hold” and an average price target of $268.65.

Coinbase Global Stock Down 3.4%

Shares of NASDAQ:COIN opened at $199.47 on Monday. The stock’s 50-day moving average price is $187.38 and its two-hundred day moving average price is $243.30. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $349.75. The firm has a market cap of $50.64 billion, a price-to-earnings ratio of 21.00 and a beta of 3.62.

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

Insider Activity at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 7,614 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $295.10, for a total transaction of $2,246,891.40. Following the completion of the sale, the director now owns 10,417 shares in the company, valued at $3,074,056.70. This trade represents a 42.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $275.26, for a total value of $6,881,500.00. Following the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $144,786.76. This trade represents a 97.94% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 153,742 shares of company stock worth $32,639,759. 17.65% of the stock is currently owned by company insiders.

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.