Cibc World Markets Corp Invests $828,000 in Coinbase Global, Inc. (NASDAQ:COIN)

Cibc World Markets Corp acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the fourth quarter, Holdings Channel.com reports. The firm acquired 4,763 shares of the cryptocurrency exchange’s stock, valued at approximately $828,000.

A number of other hedge funds have also bought and sold shares of COIN. Norges Bank purchased a new position in Coinbase Global in the 4th quarter valued at approximately $202,936,000. a16z Perennial Management L.P. purchased a new position in Coinbase Global in the 4th quarter valued at approximately $147,646,000. Morgan Stanley grew its stake in Coinbase Global by 18.5% in the 3rd 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. Hamilton Lane Advisors LLC purchased a new position in Coinbase Global in the 4th quarter valued at approximately $88,015,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Coinbase Global by 142.3% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 733,180 shares of the cryptocurrency exchange’s stock valued at $55,047,000 after buying an additional 430,546 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on COIN. Canaccord Genuity Group lifted their price objective on shares of Coinbase Global from $240.00 to $280.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. Barclays boosted their price target on shares of Coinbase Global from $179.00 to $204.00 and gave the company an “underweight” rating in a research report on Monday, May 6th. Oppenheimer boosted their price target on shares of Coinbase Global from $276.00 to $282.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. HC Wainwright boosted their price target on shares of Coinbase Global from $250.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, April 29th. Finally, The Goldman Sachs Group reduced their price target on shares of Coinbase Global from $295.00 to $255.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Coinbase Global currently has an average rating of “Hold” and a consensus price target of $214.67.

Read Our Latest Stock Analysis on COIN

Coinbase Global Stock Performance

NASDAQ COIN opened at $249.81 on Tuesday. Coinbase Global, Inc. has a 52-week low of $50.10 and a 52-week high of $283.48. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market capitalization of $61.35 billion, a P/E ratio of 49.86 and a beta of 3.44. The company has a fifty day moving average of $229.07 and a 200-day moving average of $192.43.

Coinbase Global (NASDAQ:COINGet Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.61. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. As a group, equities research analysts predict that Coinbase Global, Inc. will post 5.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 10,257 shares of the business’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $275.60, for a total value of $2,826,829.20. Following the completion of the sale, the insider now directly owns 66,122 shares of the company’s stock, valued at $18,223,223.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Jennifer N. Jones sold 15,580 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $239.28, for a total transaction of $3,727,982.40. Following the completion of the transaction, the chief accounting officer now directly owns 2,212 shares of the company’s stock, valued at $529,287.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Grewal sold 10,257 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $275.60, for a total transaction of $2,826,829.20. Following the transaction, the insider now directly owns 66,122 shares of the company’s stock, valued at $18,223,223.20. The disclosure for this sale can be found here. Insiders sold 400,433 shares of company stock valued at $91,455,327 over the last three months. Insiders own 23.43% of the company’s stock.

Coinbase Global Profile

(Free Report)

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.

Further Reading

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:COINFree Report).

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

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