Coinbase Global, Inc. (NASDAQ:COIN) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC lowered its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 18.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,599,683 shares of the cryptocurrency exchange’s stock after selling 2,003,881 shares during the quarter. Coinbase Global accounts for about 8.9% of ARK Investment Management LLC’s holdings, making the stock its biggest position. ARK Investment Management LLC owned about 3.59% of Coinbase Global worth $1,495,657,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. increased its position 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 buying an additional 2,110,196 shares in the last quarter. Norges Bank purchased a new position in shares of Coinbase Global in the fourth quarter valued at $50,254,000. Renaissance Technologies LLC increased its position 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 buying an additional 1,402,169 shares in the last quarter. Quadrature Capital Ltd purchased a new position in shares of Coinbase Global in the second quarter valued at $93,815,000. Finally, Morgan Stanley increased its position in shares of Coinbase Global by 18.5% in the third quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock valued at $246,250,000 after buying an additional 511,397 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Stock Performance

Coinbase Global stock opened at $256.70 on Thursday. The stock’s 50 day moving average price is $185.44 and its 200 day moving average price is $136.47. The firm has a market capitalization of $62.19 billion, a PE ratio of 950.74 and a beta of 3.36. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.03 and a current ratio of 1.03. Coinbase Global, Inc. has a one year low of $46.43 and a one year high of $283.48.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 EPS for the quarter, topping the consensus estimate of ($0.09) by $1.13. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. The firm had revenue of $953.80 million for the quarter, compared to analyst estimates of $826.10 million. During the same period in the previous year, the company posted ($2.46) EPS. Coinbase Global’s revenue for the quarter was up 51.6% on a year-over-year basis. As a group, sell-side analysts expect that Coinbase Global, Inc. will post 1.68 EPS for the current fiscal year.

Insiders Place Their Bets

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 97,836 shares of Coinbase Global stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $134.24, for a total transaction of $13,133,504.64. Following the sale, the director now directly owns 299,580 shares in the company, valued at approximately $40,215,619.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Marc L. Andreessen sold 33,992 shares of the company’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $163.91, for a total transaction of $5,571,628.72. Following the completion of the transaction, the director now directly owns 4,662 shares in the company, valued at approximately $764,148.42. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Frederick Ernest Ehrsam III sold 97,836 shares of the company’s stock in a transaction on Friday, January 12th. The stock was sold at an average price of $134.24, for a total value of $13,133,504.64. Following the transaction, the director now owns 299,580 shares of the company’s stock, valued at $40,215,619.20. The disclosure for this sale can be found here. Insiders have sold 742,727 shares of company stock worth $112,716,312 in the last three months. 33.16% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Piper Sandler lifted their price objective on Coinbase Global from $125.00 to $165.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. JMP Securities reiterated a “market outperform” rating on shares of Coinbase Global in a research report on Friday, March 22nd. Mizuho lifted their price objective on Coinbase Global from $60.00 to $84.00 and gave the stock an “underperform” rating in a research report on Thursday, February 22nd. Oppenheimer lifted their price objective on Coinbase Global from $160.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, February 16th. Finally, TheStreet upgraded Coinbase Global from a “d” rating to a “c-” rating in a research report on Friday, February 16th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $136.30.

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.