GAMMA Investing LLC Raises Position in Coinbase Global, Inc. (NASDAQ:COIN)

GAMMA Investing LLC increased its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 8.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 1,123 shares of the cryptocurrency exchange’s stock after purchasing an additional 84 shares during the quarter. GAMMA Investing LLC’s holdings in Coinbase Global were worth $193,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its position in Coinbase Global by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange’s stock valued at $4,573,462,000 after acquiring an additional 128,802 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Coinbase Global by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock valued at $882,822,000 after purchasing an additional 127,075 shares during the period. Norges Bank purchased a new position in shares of Coinbase Global in the fourth quarter valued at $536,484,000. Groupama Asset Managment acquired a new stake in Coinbase Global during the 4th quarter valued at $372,450,000. Finally, Northern Trust Corp increased its stake in Coinbase Global by 20.3% during the 4th quarter. Northern Trust Corp now owns 1,294,758 shares of the cryptocurrency exchange’s stock worth $321,488,000 after buying an additional 218,400 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Stock Up 0.3%

Shares of NASDAQ:COIN opened at $355.58 on Friday. The stock has a market capitalization of $90.27 billion, a price-to-earnings ratio of 66.59, a price-to-earnings-growth ratio of 25.93 and a beta of 3.70. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $382.00. The company’s fifty day moving average is $262.31 and its two-hundred day moving average is $242.92. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52.

Coinbase Global (NASDAQ:COINGet Free Report) last announced its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). The business 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% on a year-over-year basis. During the same period in the prior year, the company earned $2.53 EPS. Equities analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on COIN shares. Cantor Fitzgerald began coverage on shares of Coinbase Global in a report on Tuesday, April 8th. They issued an “overweight” rating and a $245.00 price objective on the stock. Monness Crespi & Hardt upgraded Coinbase Global from a “neutral” rating to a “buy” rating and set a $300.00 price target on the stock in a research note on Tuesday, May 13th. Canaccord Genuity Group reissued a “buy” rating and issued a $400.00 price target on shares of Coinbase Global in a report on Friday, May 9th. Benchmark lifted their price objective on Coinbase Global from $301.00 to $421.00 and gave the stock a “buy” rating in a report on Monday, June 23rd. Finally, JMP Securities reiterated a “market outperform” rating and set a $400.00 target price on shares of Coinbase Global in a research note on Wednesday, June 25th. Ten equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $291.06.

Read Our Latest Stock Report on Coinbase Global

Insider Buying and Selling

In other news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the completion of the transaction, the director directly owned 10,417 shares of the company’s stock, valued at approximately $2,632,167.56. This represents a 74.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 336,265 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was 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 in the company, valued at $190,732.86. The trade was a 99.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 685,915 shares of company stock valued at $222,081,432. 17.65% of the stock is currently owned by insiders.

Coinbase Global Company 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.

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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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