Cerity Partners LLC Has $2.81 Million Stock Position in Coinbase Global, Inc. (NASDAQ:COIN)

Cerity Partners LLC raised its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 14.7% in the first quarter, HoldingsChannel.com reports. The firm owned 16,292 shares of the cryptocurrency exchange’s stock after purchasing an additional 2,088 shares during the quarter. Cerity Partners LLC’s holdings in Coinbase Global were worth $2,806,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Amalgamated Bank grew its holdings in Coinbase Global by 4.8% in the first quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange’s stock worth $2,368,000 after purchasing an additional 629 shares during the period. KCM Investment Advisors LLC bought a new stake in shares of Coinbase Global during the fourth quarter valued at approximately $507,000. GAMMA Investing LLC raised its position in shares of Coinbase Global by 8.1% during the first quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange’s stock worth $193,000 after purchasing an additional 84 shares during the period. Kingswood Wealth Advisors LLC lifted its holdings in shares of Coinbase Global by 124.5% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange’s stock worth $453,000 after purchasing an additional 1,454 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its position in Coinbase Global by 10.4% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,456 shares of the cryptocurrency exchange’s stock valued at $610,000 after purchasing an additional 232 shares during the period. Institutional investors own 68.84% of the company’s stock.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 336,265 shares of Coinbase Global stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the sale, the chief executive officer owned 526 shares of the company’s stock, valued at approximately $190,732.86. The trade was a 99.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total value of $7,622,597.56. Following the transaction, the director directly owned 10,417 shares of the company’s stock, valued at approximately $2,632,167.56. This trade represents a 74.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,245,915 shares of company stock valued at $447,462,456 over the last three months. Insiders own 17.65% of the company’s stock.

Wall Street Analysts Forecast Growth

COIN has been the topic of several research reports. JPMorgan Chase & Co. lowered their price objective on shares of Coinbase Global from $276.00 to $215.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. The Goldman Sachs Group boosted their target price on shares of Coinbase Global from $239.00 to $268.00 and gave the stock a “neutral” rating in a research report on Monday, July 7th. Benchmark raised their price target on shares of Coinbase Global from $301.00 to $421.00 and gave the company a “buy” rating in a research report on Monday, June 23rd. Monness Crespi & Hardt raised Coinbase Global from a “neutral” rating to a “buy” rating and set a $300.00 price objective for the company in a report on Tuesday, May 13th. Finally, China Renaissance assumed coverage on Coinbase Global in a research note on Tuesday, June 17th. They issued a “buy” rating and a $353.30 price objective for the company. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Moderate Buy” and a consensus price target of $313.10.

Coinbase Global Stock Up 2.2%

Shares of NASDAQ:COIN opened at $419.78 on Friday. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.65. The company has a market capitalization of $106.57 billion, a PE ratio of 78.61, a price-to-earnings-growth ratio of 31.31 and a beta of 3.70. The business has a fifty day moving average price of $302.29 and a two-hundred day moving average price of $251.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.18 by ($0.24). The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. Coinbase Global’s quarterly revenue was up 24.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.53 EPS. Analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Coinbase Global 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.