Coinbase Global, Inc. (NASDAQ:COIN) Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. boosted its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 24.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 51,447 shares of the cryptocurrency exchange’s stock after purchasing an additional 9,952 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Coinbase Global were worth $8,861,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Coinbase Global in the fourth quarter valued at $536,484,000. Groupama Asset Managment purchased a new stake in shares of Coinbase Global in the fourth quarter valued at $372,450,000. Two Sigma Advisers LP lifted its position in shares of Coinbase Global by 445.4% in the fourth quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange’s stock valued at $101,431,000 after acquiring an additional 333,600 shares in the last quarter. Wellington Management Group LLP lifted its position in Coinbase Global by 1,159.9% during the fourth quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange’s stock worth $81,612,000 after buying an additional 302,595 shares during the period. Finally, Franklin Resources Inc. lifted its position in Coinbase Global by 614.8% during the fourth quarter. Franklin Resources Inc. now owns 343,348 shares of the cryptocurrency exchange’s stock worth $85,253,000 after buying an additional 295,313 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Trading Down 1.5%

Coinbase Global stock opened at $413.63 on Tuesday. The business has a 50 day moving average price of $302.29 and a two-hundred day moving average price of $251.26. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. The stock has a market cap of $105.01 billion, a price-to-earnings ratio of 77.46, a price-to-earnings-growth ratio of 32.00 and a beta of 3.70. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.65.

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

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. JMP Securities upped their price target on Coinbase Global from $400.00 to $440.00 and gave the stock a “market outperform” rating in a research note on Monday, July 14th. HC Wainwright restated a “sell” rating and set a $300.00 price target (down from $305.00) on shares of Coinbase Global in a research note on Thursday, July 10th. Oppenheimer upped their price target on Coinbase Global from $395.00 to $417.00 and gave the stock an “outperform” rating in a research note on Monday, July 14th. JPMorgan Chase & Co. lowered their target price on Coinbase Global from $276.00 to $215.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. 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 target price for the company. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $320.06.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 198,300 shares of the firm’s stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the sale, the chief executive officer owned 526 shares of the company’s stock, valued at approximately $209,279.62. This trade represents a 99.74% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $348.64, for a total value of $3,486,400.00. Following the completion of the sale, the insider directly owned 82,328 shares in the company, valued at $28,702,833.92. This represents a 10.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,245,915 shares of company stock valued at $447,462,456. 23.43% of the stock is owned by company insiders.

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.