Coinbase Global (NASDAQ:COIN) Shares Gap Up After Insider Buying Activity

Shares of Coinbase Global, Inc. (NASDAQ:COIN) gapped up before the market opened on Friday after an insider bought additional shares in the company. The stock had previously closed at $73.08, but opened at $77.75. Coinbase Global shares last traded at $77.61, with a volume of 90,028 shares changing hands.

Specifically, CAO Jennifer N. Jones sold 4,512 shares of Coinbase Global stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $97.24, for a total transaction of $438,746.88. Following the completion of the transaction, the chief accounting officer now directly owns 27,417 shares of the company’s stock, valued at $2,666,029.08. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Tobias Lutke acquired 5,894 shares of Coinbase Global stock in a transaction that occurred on Wednesday, September 7th. The stock was bought at an average price of $62.00 per share, for a total transaction of $365,428.00. Following the completion of the transaction, the director now owns 50,101 shares in the company, valued at $3,106,262. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jennifer N. Jones sold 4,512 shares of the company’s stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $97.24, for a total value of $438,746.88. Following the sale, the chief accounting officer now owns 27,417 shares in the company, valued at $2,666,029.08. The disclosure for this sale can be found here. Insiders have bought 24,601 shares of company stock worth $1,863,254 in the last ninety days. Company insiders own 36.10% of the company’s stock.

Analysts Set New Price Targets

COIN has been the topic of a number of research reports. Citigroup decreased their price target on Coinbase Global from $115.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, August 5th. Barclays lowered their price objective on shares of Coinbase Global from $80.00 to $73.00 and set an “equal weight” rating for the company in a research note on Wednesday. Cowen initiated coverage on shares of Coinbase Global in a research note on Thursday, May 26th. They issued an “outperform” rating and a $85.00 target price on the stock. Redburn Partners lowered shares of Coinbase Global from a “buy” rating to a “neutral” rating in a research note on Thursday, June 23rd. Finally, JMP Securities cut their target price on shares of Coinbase Global from $205.00 to $195.00 and set a “market outperform” rating on the stock in a research note on Wednesday, August 10th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $163.50.

Coinbase Global Stock Up 10.7 %

The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.58. The company has a market cap of $17.75 billion, a PE ratio of -40.03 and a beta of 3.31. The company’s 50 day moving average is $69.93 and its 200 day moving average is $101.98.

Hedge Funds Weigh In On Coinbase Global

Several large investors have recently made changes to their positions in COIN. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Coinbase Global during the 2nd quarter valued at about $326,251,000. Nikko Asset Management Americas Inc. increased its stake in shares of Coinbase Global by 34.7% during the second quarter. Nikko Asset Management Americas Inc. now owns 6,606,262 shares of the cryptocurrency exchange’s stock worth $312,366,000 after buying an additional 1,701,828 shares during the period. Vanguard Group Inc. increased its stake in Coinbase Global by 4.5% in the first quarter. Vanguard Group Inc. now owns 6,025,188 shares of the cryptocurrency exchange’s stock valued at $1,143,942,000 after purchasing an additional 260,538 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Coinbase Global by 304.3% during the second quarter. Renaissance Technologies LLC now owns 4,253,200 shares of the cryptocurrency exchange’s stock worth $199,985,000 after purchasing an additional 3,201,200 shares during the period. Finally, Paradigm Operations LP lifted its holdings in shares of Coinbase Global by 45.6% during the second quarter. Paradigm Operations LP now owns 3,705,596 shares of the cryptocurrency exchange’s stock worth $174,237,000 after purchasing an additional 1,160,841 shares during the period. 49.31% of the stock is currently owned by institutional investors and hedge funds.

About Coinbase Global

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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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