Van ECK Associates Corp Reduces Stock Position in Coinbase Global, Inc. (NASDAQ:COIN)

Van ECK Associates Corp lowered its position in shares of Coinbase Global, Inc. (NASDAQ:COINFree Report) by 12.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 148,058 shares of the cryptocurrency exchange’s stock after selling 21,496 shares during the quarter. Van ECK Associates Corp owned approximately 0.06% of Coinbase Global worth $11,116,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in COIN. Vanguard Group Inc. increased its holdings in shares of Coinbase Global by 19.8% in the third quarter. Vanguard Group Inc. now owns 12,786,266 shares of the cryptocurrency exchange’s stock valued at $824,587,000 after purchasing an additional 2,110,196 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Coinbase Global by 6.4% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,166,044 shares of the cryptocurrency exchange’s stock valued at $655,830,000 after purchasing an additional 555,099 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Coinbase Global by 84.7% in the second quarter. Renaissance Technologies LLC now owns 3,057,000 shares of the cryptocurrency exchange’s stock valued at $218,728,000 after purchasing an additional 1,402,169 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Coinbase Global by 7.2% in the second quarter. Geode Capital Management LLC now owns 2,510,007 shares of the cryptocurrency exchange’s stock valued at $179,317,000 after purchasing an additional 168,018 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $50,254,000. Institutional investors and hedge funds own 45.96% of the company’s stock.

Coinbase Global Stock Performance

COIN opened at $141.99 on Friday. The business’s 50-day simple moving average is $144.40 and its 200-day simple moving average is $105.74. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.52. Coinbase Global, Inc. has a one year low of $46.43 and a one year high of $187.39.

Insider Transactions at Coinbase Global

In other news, Director Frederick Ernest Ehrsam III sold 82,130 shares of Coinbase Global stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $119.73, for a total transaction of $9,833,424.90. Following the sale, the director now owns 4,662 shares in the company, valued at $558,181.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Frederick Ernest Ehrsam III sold 82,130 shares of Coinbase Global stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $119.73, for a total transaction of $9,833,424.90. Following the sale, the director now owns 4,662 shares in the company, valued at $558,181.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $129.07, for a total value of $2,978,290.25. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,328,077 shares of company stock worth $184,096,220. Corporate insiders own 33.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on COIN. Needham & Company LLC increased their price objective on Coinbase Global from $160.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, January 8th. JMP Securities increased their price objective on Coinbase Global from $107.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, December 22nd. Wedbush increased their price objective on Coinbase Global from $110.00 to $180.00 and gave the stock an “outperform” rating in a research report on Thursday, January 11th. Mizuho increased their price objective on Coinbase Global from $54.00 to $60.00 and gave the stock an “underperform” rating in a research report on Thursday, January 18th. Finally, Oppenheimer upgraded Coinbase Global from a “market perform” rating to an “outperform” rating and set a $160.00 price objective for the company in a research report on Friday, January 26th. Seven investment analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Coinbase Global presently has a consensus rating of “Hold” and a consensus price target of $103.68.

Read Our Latest Research Report on COIN

About Coinbase Global

(Free Report)

Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. It offers the primary financial account in the cryptoeconomy for consumers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers 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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