Longitude Cayman Ltd. Sells 2,250 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Longitude Cayman Ltd. trimmed its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 37.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 3,750 shares of the cryptocurrency exchange’s stock after selling 2,250 shares during the period. Coinbase Global makes up about 0.2% of Longitude Cayman Ltd.’s investment portfolio, making the stock its 27th biggest position. Longitude Cayman Ltd.’s holdings in Coinbase Global were worth $931,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Clear Street Derivatives LLC bought a new position in Coinbase Global during the 3rd quarter valued at about $409,919,000. Geode Capital Management LLC lifted its holdings in Coinbase Global by 10.1% during the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after purchasing an additional 314,388 shares during the last quarter. Azora Capital LP lifted its holdings in Coinbase Global by 214.1% during the 3rd quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock valued at $57,525,000 after purchasing an additional 220,078 shares during the last quarter. Holocene Advisors LP bought a new position in Coinbase Global during the 3rd quarter valued at about $38,535,000. Finally, CloudAlpha Capital Management Limited Hong Kong bought a new position in Coinbase Global during the 3rd quarter valued at about $29,756,000. 68.84% of the stock is owned by institutional investors.

Coinbase Global Stock Performance

Shares of COIN opened at $280.22 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. Coinbase Global, Inc. has a twelve month low of $137.13 and a twelve month high of $349.75. The firm’s 50 day moving average price is $284.78 and its two-hundred day moving average price is $237.03. The firm has a market cap of $70.15 billion, a P/E ratio of 47.82 and a beta of 3.61.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 7,104 shares of Coinbase Global stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $307.80, for a total value of $2,186,611.20. Following the transaction, the insider now owns 79,407 shares of the company’s stock, valued at approximately $24,441,474.60. The trade was a 8.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of Coinbase Global stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $172,528. The trade was a 99.11 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 361,798 shares of company stock valued at $107,826,444. 23.43% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

COIN has been the subject of several analyst reports. Piper Sandler lifted their price target on shares of Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. Bank of America boosted their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. HC Wainwright reaffirmed a “buy” rating and issued a $295.00 target price on shares of Coinbase Global in a research note on Tuesday, October 29th. The Goldman Sachs Group dropped their target price on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Finally, Needham & Company LLC dropped their target price on shares of Coinbase Global from $420.00 to $330.00 and set a “buy” rating for the company in a research note on Friday. Nine equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $284.06.

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.