ARK Investment Management LLC Sells 2,003,881 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

ARK Investment Management LLC lessened its position in Coinbase Global, Inc. (NASDAQ:COIN) by 18.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,599,683 shares of the cryptocurrency exchange’s stock after selling 2,003,881 shares during the period. Coinbase Global comprises approximately 8.9% of ARK Investment Management LLC’s holdings, making the stock its biggest holding. ARK Investment Management LLC’s holdings in Coinbase Global were worth $1,495,657,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Mariner LLC lifted its position in Coinbase Global by 5.4% during the 3rd quarter. Mariner LLC now owns 82,582 shares of the cryptocurrency exchange’s stock worth $6,200,000 after buying an additional 4,259 shares in the last quarter. Itau Unibanco Holding S.A. raised its holdings in Coinbase Global by 10.0% during the 3rd quarter. Itau Unibanco Holding S.A. now owns 1,374 shares of the cryptocurrency exchange’s stock worth $103,000 after purchasing an additional 125 shares during the last quarter. Barclays PLC raised its holdings in Coinbase Global by 41.5% during the 3rd quarter. Barclays PLC now owns 404,779 shares of the cryptocurrency exchange’s stock worth $30,394,000 after purchasing an additional 118,670 shares during the last quarter. California Public Employees Retirement System raised its holdings in Coinbase Global by 25.4% during the 3rd quarter. California Public Employees Retirement System now owns 304,653 shares of the cryptocurrency exchange’s stock worth $22,873,000 after purchasing an additional 61,788 shares during the last quarter. Finally, Cornerstone Wealth Management LLC bought a new stake in shares of Coinbase Global in the 4th quarter valued at about $227,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $121.02, for a total transaction of $1,210,200.00. Following the completion of the transaction, the insider now directly owns 61,665 shares of the company’s stock, valued at $7,462,698.30. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $121.02, for a total transaction of $1,210,200.00. Following the completion of the transaction, the insider now directly owns 61,665 shares of the company’s stock, valued at $7,462,698.30. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gokul Rajaram sold 1,145 shares of Coinbase Global stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $260.00, for a total value of $297,700.00. Following the sale, the director now directly owns 4,833 shares of the company’s stock, valued at approximately $1,256,580. The disclosure for this sale can be found here. Insiders sold a total of 742,727 shares of company stock valued at $112,716,312 over the last ninety days. 33.16% of the stock is currently owned by company insiders.

Coinbase Global Price Performance

NASDAQ:COIN opened at $256.70 on Thursday. Coinbase Global, Inc. has a 1-year low of $46.43 and a 1-year high of $283.48. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.47. The firm has a fifty day simple moving average of $185.44 and a 200 day simple moving average of $136.47. The stock has a market capitalization of $62.19 billion, a PE ratio of 950.74 and a beta of 3.36.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, beating the consensus estimate of ($0.09) by $1.13. Coinbase Global had a net margin of 3.05% and a return on equity of 3.54%. The business had revenue of $953.80 million during the quarter, compared to analysts’ expectations of $826.10 million. During the same period last year, the business earned ($2.46) earnings per share. The firm’s revenue was up 51.6% on a year-over-year basis. On average, research analysts expect that Coinbase Global, Inc. will post 1.68 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Keefe, Bruyette & Woods raised Coinbase Global from an “underperform” rating to a “market perform” rating and upped their price target for the company from $93.00 to $160.00 in a research note on Friday, February 16th. Citigroup upped their price target on Coinbase Global from $90.00 to $151.00 and gave the company a “neutral” rating in a research note on Friday, January 19th. HC Wainwright upped their price target on Coinbase Global from $115.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, February 16th. Needham & Company LLC upped their price target on Coinbase Global from $160.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, January 8th. Finally, Oppenheimer upped their price target on Coinbase Global from $160.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, February 16th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Coinbase Global currently has a consensus rating of “Hold” and an average target price of $136.30.

Coinbase Global Company Profile

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.