State of Michigan Retirement System Makes New Investment in Coinbase Global, Inc. (NASDAQ:COIN)

State of Michigan Retirement System purchased a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 13,468 shares of the cryptocurrency exchange’s stock, valued at approximately $633,000.

A number of other large investors have also made changes to their positions in the stock. Huntington National Bank grew its stake in Coinbase Global by 346.4% during the first quarter. Huntington National Bank now owns 683 shares of the cryptocurrency exchange’s stock worth $130,000 after buying an additional 530 shares during the last quarter. Gladstone Institutional Advisory LLC lifted its stake in Coinbase Global by 10.5% in the first quarter. Gladstone Institutional Advisory LLC now owns 2,638 shares of the cryptocurrency exchange’s stock valued at $501,000 after buying an additional 250 shares during the period. Brown Advisory Inc. grew its position in shares of Coinbase Global by 15.2% during the 1st quarter. Brown Advisory Inc. now owns 15,880 shares of the cryptocurrency exchange’s stock worth $3,015,000 after buying an additional 2,093 shares during the period. Toronto Dominion Bank increased its stake in shares of Coinbase Global by 25.6% in the 1st quarter. Toronto Dominion Bank now owns 12,627 shares of the cryptocurrency exchange’s stock valued at $2,397,000 after acquiring an additional 2,573 shares during the last quarter. Finally, J.W. Cole Advisors Inc. boosted its stake in Coinbase Global by 39.5% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 8,594 shares of the cryptocurrency exchange’s stock worth $404,000 after acquiring an additional 2,432 shares during the last quarter. Institutional investors and hedge funds own 49.31% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on COIN. Atlantic Securities increased their target price on shares of Coinbase Global from $54.00 to $67.00 and gave the stock a “neutral” rating in a report on Tuesday, September 6th. Cowen reduced their target price on Coinbase Global from $85.00 to $75.00 in a report on Friday, November 4th. BTIG Research lowered their price target on Coinbase Global from $220.00 to $110.00 in a report on Friday, November 4th. JMP Securities decreased their price objective on Coinbase Global from $195.00 to $155.00 and set a “market outperform” rating for the company in a research report on Tuesday, October 11th. Finally, Keefe, Bruyette & Woods downgraded shares of Coinbase Global from a “market perform” rating to an “underperform” rating and set a $45.00 target price on the stock. in a report on Wednesday, August 10th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Coinbase Global currently has an average rating of “Hold” and an average price target of $114.39.

Coinbase Global Price Performance

NASDAQ:COIN opened at $53.22 on Tuesday. Coinbase Global, Inc. has a 12-month low of $40.83 and a 12-month high of $355.20. The firm has a market capitalization of $12.08 billion, a price-to-earnings ratio of -8.76 and a beta of 2.50. The stock’s 50 day moving average price is $66.74 and its two-hundred day moving average price is $69.06. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.60.

Insider Buying and Selling

In other Coinbase Global news, Director Tobias Lutke purchased 4,482 shares of the business’s stock in a transaction on Tuesday, September 13th. The stock was acquired at an average price of $75.39 per share, with a total value of $337,897.98. Following the acquisition, the director now directly owns 54,583 shares of the company’s stock, valued at approximately $4,115,012.37. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Tobias Lutke acquired 4,482 shares of the stock in a transaction on Tuesday, September 13th. The shares were purchased at an average price of $75.39 per share, for a total transaction of $337,897.98. Following the transaction, the director now directly owns 54,583 shares of the company’s stock, valued at $4,115,012.37. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Jennifer N. Jones sold 2,177 shares of Coinbase Global stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $72.00, for a total transaction of $156,744.00. Following the completion of the sale, the chief accounting officer now owns 27,417 shares of the company’s stock, valued at $1,974,024. The disclosure for this sale can be found here. In the last three months, insiders have acquired 66,493 shares of company stock valued at $4,466,529. 36.10% of the stock is owned by insiders.

Coinbase Global Company Profile

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Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.

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Institutional Ownership by Quarter for Coinbase Global (NASDAQ:COIN)

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