Parallel Advisors LLC grew its position in shares of Coinbase Global, Inc. (NASDAQ:COIN – Free Report) by 31.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 17,983 shares of the cryptocurrency exchange’s stock after buying an additional 4,274 shares during the quarter. Parallel Advisors LLC’s holdings in Coinbase Global were worth $3,352,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also modified their holdings of COIN. Archer Investment Corp bought a new stake in Coinbase Global in the 2nd quarter valued at about $26,000. NBT Bank N.A. bought a new stake in shares of Coinbase Global during the 3rd quarter valued at $28,000. Glen Eagle Advisors LLC grew its holdings in shares of Coinbase Global by 101.1% during the 1st quarter. Glen Eagle Advisors LLC now owns 175 shares of the cryptocurrency exchange’s stock worth $31,000 after purchasing an additional 88 shares in the last quarter. Kings Path Partners LLC acquired a new position in Coinbase Global in the third quarter valued at about $37,000. Finally, Root Financial Partners LLC acquired a new position in Coinbase Global in the third quarter valued at about $37,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on COIN. Zacks Research upgraded shares of Coinbase Global from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $212.00 price objective on shares of Coinbase Global in a research note on Friday, October 30th. Mizuho lowered their target price on Coinbase Global from $155.00 to $145.00 and set a “neutral” rating for the company in a research note on Friday, October 30th. The Goldman Sachs Group reduced their price target on shares of Coinbase Global from $244.00 to $210.00 and set a “buy” rating on the stock in a research note on Friday, October 30th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Coinbase Global from $237.00 to $221.00 and set an “outperform” rating for the company in a research report on Tuesday, November 3rd. Twenty-one research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $209.88.
Read Our Latest Stock Report on COIN
Insider Buying and Selling
In related news, Director Frederick Wilson sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $178.93, for a total value of $1,789,300.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Marc Andreessen sold 13,676 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $186.18, for a total transaction of $2,546,197.68. Following the transaction, the director owned 1,115,810 shares of the company’s stock, valued at approximately $207,741,505.80. The trade was a 1.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 92,120 shares of company stock valued at $17,968,544 in the last ninety days. Insiders own 16.66% of the company’s stock.
Coinbase Global News Summary
Here are the key news stories impacting Coinbase Global this week:
- Positive Sentiment: Coinbase is expanding its services: eligible U.S. users can borrow USDC against tokenized gold, while Coinbase Prime now offers eligible institutions access to Deribit options and perpetual futures. These initiatives could broaden product use and revenue sources. Coinbase Enables Borrowing Against Gold via Morpho Coinbase Prime opens Deribit options and perps to eligible US institutions
- Positive Sentiment: Growing subscription revenue and cost discipline may make the business more resilient than trading fees alone would suggest, though the article also flags profitability and valuation risks. Is Coinbase Building a More Resilient and Profitable Business?
- Neutral Sentiment: Coinbase says more than 99% of customer crypto is held offline and described controls designed to limit hot-wallet exposure, after a major Binance hack raised concerns about exchange security. The reassurance may help maintain customer confidence, but the incident has also put sector-wide security risks in focus. Hackers beware: Coinbase says 99% of customer crypto is kept offline
- Negative Sentiment: Bitcoin’s drop below $76,000 in a broad market sell-off weighed on crypto-linked shares. Coinbase can move more sharply than the wider market because trading fees and earnings tend to track crypto prices and activity. Coinbase Sinks as Bitcoin Falls Below $76,000
- Negative Sentiment: Analysts also cite crypto volatility, weak underlying profits and a rich valuation as risks. Separately, Morgan Stanley’s negative reaction to the Binance breach added pressure despite Coinbase not being affected by that incident. Coinbase business resilience and risks Coinbase gets downgraded for a breach that happened elsewhere
Coinbase Global Stock Performance
Shares of Coinbase Global stock opened at $134.76 on Monday. The company has a quick ratio of 2.42, a current ratio of 2.42 and a debt-to-equity ratio of 0.43. Coinbase Global, Inc. has a twelve month low of $131.55 and a twelve month high of $324.80. The stock has a market cap of $35.55 billion, a price-to-earnings ratio of -47.62 and a beta of 3.35. The company’s fifty day moving average is $175.35 and its 200 day moving average is $176.27.
Coinbase Global Profile
Coinbase Global operates a cryptocurrency platform serving individual consumers, businesses and institutional clients. Its services include buying, selling and holding digital assets, as well as trading tools and cryptocurrency custody services.
The company also offers products for developers and businesses building on blockchain networks, including Base, its Ethereum layer-2 network. Coinbase supports the USDC stablecoin through its partnership with Circle and provides services such as staking and payment infrastructure.
Founded in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase is headquartered in the United States and serves customers in the U.S.
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Want to see what other hedge funds are holding COIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coinbase Global, Inc. (NASDAQ:COIN – Free Report).
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