Alliancebernstein L.P. Buys 34,676 Shares of Coinbase Global, Inc. $COIN

Key Points

• Alliancebernstein L.P. increased its stake in Coinbase Global, Inc. by 48.0%, acquiring an additional 34,676 shares, bringing its total holdings to 106,885 shares valued at approximately $18.4 million.
• Several institutional investors also boosted their positions in Coinbase during the last quarter, indicating strong interest in the company, which has 68.84% of its stock owned by institutional investors.
• Analysts have recently raised their price targets for Coinbase Global, with a consensus forecast rate from Benchmark and others suggesting significant growth potential, rating it as a "buy" with targets ranging from $400 to $421.

Alliancebernstein L.P. boosted its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 48.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 106,885 shares of the cryptocurrency exchange's stock after purchasing an additional 34,676 shares during the quarter. Alliancebernstein L.P.'s holdings in Coinbase Global were worth $18,409,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in COIN. Captrust Financial Advisors boosted its position in shares of Coinbase Global by 3.0% during the 4th quarter. Captrust Financial Advisors now owns 4,323 shares of the cryptocurrency exchange's stock valued at $1,073,000 after acquiring an additional 125 shares during the last quarter. Focus Partners Wealth boosted its position in shares of Coinbase Global by 122.8% during the 4th quarter. Focus Partners Wealth now owns 4,735 shares of the cryptocurrency exchange's stock valued at $1,202,000 after acquiring an additional 2,610 shares during the last quarter. Gotham Asset Management LLC bought a new stake in shares of Coinbase Global during the 4th quarter valued at about $446,000. Janus Henderson Group PLC boosted its position in shares of Coinbase Global by 12.7% during the 4th quarter. Janus Henderson Group PLC now owns 17,499 shares of the cryptocurrency exchange's stock valued at $4,343,000 after acquiring an additional 1,975 shares during the last quarter. Finally, Laird Norton Wetherby Wealth Management LLC boosted its position in shares of Coinbase Global by 9.4% during the 4th quarter. Laird Norton Wetherby Wealth Management LLC now owns 2,547 shares of the cryptocurrency exchange's stock valued at $632,000 after acquiring an additional 219 shares during the last quarter. Institutional investors own 68.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Benchmark lifted their price target on Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. 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, August 1st. Williams Trading set a $405.00 price target on Coinbase Global in a research report on Thursday, July 31st. Erste Group Bank initiated coverage on Coinbase Global in a report on Wednesday, July 23rd. They set a "buy" rating on the stock. Finally, Wall Street Zen raised Coinbase Global from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Thirteen analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Coinbase Global currently has an average rating of "Hold" and an average target price of $352.72.

Coinbase Global Stock Performance

Shares of NASDAQ COIN opened at $315.34 on Thursday. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The stock's 50-day moving average is $341.96 and its 200 day moving average is $265.47. The stock has a market cap of $81.02 billion, a price-to-earnings ratio of 30.50 and a beta of 3.68. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). The company had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.Coinbase Global's revenue for the quarter was up 3.3% on a year-over-year basis. During the same period last year, the firm earned $0.14 earnings per share. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In related news, CAO Jennifer N. Jones sold 1,756 shares of Coinbase Global stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $300.52, for a total transaction of $527,713.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Lawrence J. Brock sold 5,903 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $311.37, for a total value of $1,838,017.11. Following the completion of the sale, the insider directly owned 478 shares in the company, valued at $148,834.86. This trade represents a 92.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,180,871 shares of company stock valued at $440,664,276. 17.65% of the stock is currently 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.

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