QRG Capital Management Inc. Acquires 807 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

QRG Capital Management Inc. boosted its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 2.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 33,287 shares of the cryptocurrency exchange’s stock after acquiring an additional 807 shares during the period. QRG Capital Management Inc.’s holdings in Coinbase Global were worth $5,733,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in COIN. Norges Bank bought a new stake in Coinbase Global in the 4th quarter valued at $536,484,000. Groupama Asset Managment bought a new stake in Coinbase Global in the 4th quarter valued at $372,450,000. Proficio Capital Partners LLC raised its stake in Coinbase Global by 30,664.4% in the 4th quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock valued at $103,888,000 after acquiring an additional 417,036 shares during the period. Two Sigma Advisers LP raised its stake in Coinbase Global by 445.4% in the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange’s stock valued at $101,431,000 after acquiring an additional 333,600 shares during the period. Finally, Wellington Management Group LLP raised its stake in Coinbase Global by 1,159.9% in the 4th quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange’s stock valued at $81,612,000 after acquiring an additional 302,595 shares during the period. Institutional investors own 68.84% of the company’s stock.

Insider Activity

In other news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $255.34, for a total transaction of $6,383,500.00. Following the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $134,308.84. This trade represents a 97.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Alesia J. Haas sold 7,575 shares of Coinbase Global stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $200.00, for a total value of $1,515,000.00. Following the sale, the chief financial officer now directly owns 114,866 shares in the company, valued at $22,973,200. The trade was a 6.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 220,717 shares of company stock valued at $49,363,601. 23.43% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have commented on the company. Barclays upped their price objective on Coinbase Global from $169.00 to $202.00 and gave the company an “equal weight” rating in a report on Monday, May 12th. Monness Crespi & Hardt raised Coinbase Global from a “neutral” rating to a “buy” rating and set a $300.00 price objective on the stock in a report on Tuesday, May 13th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $260.00 price objective (up from $210.00) on shares of Coinbase Global in a report on Tuesday, May 27th. Oppenheimer set a $293.00 price objective on Coinbase Global in a report on Thursday, May 15th. Finally, Mizuho decreased their price objective on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Eleven analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Coinbase Global has an average rating of “Moderate Buy” and an average target price of $271.88.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $253.85 on Wednesday. The stock’s 50-day simple moving average is $224.90 and its 200 day simple moving average is $240.73. The firm has a market capitalization of $64.45 billion, a PE ratio of 47.54, a price-to-earnings-growth ratio of 19.06 and a beta of 3.61. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $349.75.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The business had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same period last year, the business earned $2.53 earnings per share. The business’s quarterly revenue was up 24.2% compared to the same quarter last year. On average, analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Coinbase Global 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.