Baird Financial Group Inc. Increases Position in Coinbase Global, Inc. (NASDAQ:COIN)

Baird Financial Group Inc. lifted its position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 320.1% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 9,154 shares of the cryptocurrency exchange's stock after buying an additional 6,975 shares during the period. Baird Financial Group Inc.'s holdings in Coinbase Global were worth $2,273,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of COIN. Wingate Wealth Advisors Inc. purchased a new position in Coinbase Global during the fourth quarter worth approximately $27,000. Atala Financial Inc purchased a new position in Coinbase Global during the fourth quarter worth approximately $27,000. MassMutual Private Wealth & Trust FSB raised its stake in Coinbase Global by 365.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange's stock worth $34,000 after purchasing an additional 106 shares during the period. BNP Paribas purchased a new position in Coinbase Global during the fourth quarter worth approximately $50,000. Finally, Cullen Frost Bankers Inc. purchased a new position in Coinbase Global during the fourth quarter worth approximately $50,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on COIN shares. HC Wainwright reaffirmed a "buy" rating and set a $350.00 price target on shares of Coinbase Global in a research note on Friday, February 21st. Piper Sandler increased their price target on shares of Coinbase Global from $180.00 to $190.00 and gave the stock a "neutral" rating in a research note on Friday. The Goldman Sachs Group initiated coverage on shares of Coinbase Global in a research note on Thursday, March 20th. They set a "neutral" rating and a $195.00 price target on the stock. Oppenheimer cut their target price on shares of Coinbase Global from $279.00 to $269.00 and set an "outperform" rating on the stock in a research note on Friday. Finally, Citigroup reissued a "neutral" rating on shares of Coinbase Global in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Coinbase Global has an average rating of "Hold" and an average price target of $268.65.

Coinbase Global Price Performance

COIN opened at $199.47 on Monday. The company has a fifty day simple moving average of $187.38 and a 200 day simple moving average of $243.30. The firm has a market cap of $50.64 billion, a price-to-earnings ratio of 21.00 and a beta of 3.62. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $349.75. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. Coinbase Global's revenue for the quarter was up 24.2% on a year-over-year basis. During the same period in the previous year, the business posted $2.53 earnings per share. Equities research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other Coinbase Global news, CFO Alesia J. Haas sold 7,575 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the completion of the transaction, the chief financial officer now directly owns 114,866 shares of the company's stock, valued at $22,973,200. This trade represents a 6.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the firm's stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $275.26, for a total transaction of $6,881,500.00. Following the transaction, the chief executive officer now directly owns 526 shares of the company's stock, valued at approximately $144,786.76. This represents a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 153,742 shares of company stock valued at $32,639,759 in the last ninety days. Corporate insiders own 17.65% of the company's stock.

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.

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