Cannon Global Investment Management LLC Purchases Shares of 2,100 Coinbase Global, Inc. (NASDAQ:COIN)

Cannon Global Investment Management LLC acquired a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 2,100 shares of the cryptocurrency exchange's stock, valued at approximately $362,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Farther Finance Advisors LLC boosted its position in Coinbase Global by 4.3% during the 4th quarter. Farther Finance Advisors LLC now owns 964 shares of the cryptocurrency exchange's stock worth $239,000 after purchasing an additional 40 shares during the period. IPG Investment Advisors LLC boosted its holdings in Coinbase Global by 2.0% in the fourth quarter. IPG Investment Advisors LLC now owns 2,261 shares of the cryptocurrency exchange's stock valued at $561,000 after purchasing an additional 45 shares during the last quarter. Vivaldi Capital Management LP increased its stake in shares of Coinbase Global by 0.3% in the fourth quarter. Vivaldi Capital Management LP now owns 13,843 shares of the cryptocurrency exchange's stock worth $3,437,000 after buying an additional 47 shares during the last quarter. MetLife Investment Management LLC grew its holdings in Coinbase Global by 0.5% during the 4th quarter. MetLife Investment Management LLC now owns 11,061 shares of the cryptocurrency exchange's stock worth $2,746,000 after acquiring an additional 55 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of Coinbase Global by 2.3% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,630 shares of the cryptocurrency exchange's stock valued at $653,000 after purchasing an additional 60 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on COIN. Rosenblatt Securities reissued a "buy" rating and set a $300.00 price target on shares of Coinbase Global in a research report on Monday, June 16th. Canaccord Genuity Group reiterated a "buy" rating and set a $400.00 price target on shares of Coinbase Global in a research report on Friday, May 9th. Jefferies Financial Group reiterated a "hold" rating and set a $260.00 price objective (up previously from $210.00) on shares of Coinbase Global in a research note on Tuesday, May 27th. Citigroup reaffirmed a "buy" rating on shares of Coinbase Global in a research note on Wednesday, June 25th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a report on Friday, May 9th. Ten analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Coinbase Global presently has a consensus rating of "Moderate Buy" and a consensus target price of $291.06.

Coinbase Global Stock Up 0.3%

Shares of NASDAQ:COIN traded up $1.13 during trading on Thursday, reaching $355.58. 6,704,285 shares of the company traded hands, compared to its average volume of 10,757,723. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $382.00. The firm has a fifty day simple moving average of $259.28 and a 200 day simple moving average of $242.64. The firm has a market cap of $90.27 billion, a P/E ratio of 66.59, a price-to-earnings-growth ratio of 24.53 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released 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). The firm had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The company's quarterly revenue was up 24.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.53 EPS. Analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the business's stock in a transaction on 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 approximately $28,702,833.92. The trade was a 10.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $338.29, for a total transaction of $8,457,250.00. Following the completion of the transaction, the chief executive officer owned 526 shares in the company, valued at $177,940.54. This trade represents a 97.94% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 685,915 shares of company stock valued at $222,081,432. 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.