Ameriprise Financial Inc. Increases Stock Position in Coinbase Global, Inc. $COIN

Ameriprise Financial Inc. grew its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 21.8% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 249,518 shares of the cryptocurrency exchange's stock after acquiring an additional 44,634 shares during the period. Ameriprise Financial Inc. owned about 0.10% of Coinbase Global worth $42,974,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in COIN. Groupama Asset Managment raised its position in Coinbase Global by 100.0% in the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after purchasing an additional 1,500,000 shares during the period. Vanguard Group Inc. grew its stake in shares of Coinbase Global by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after buying an additional 875,359 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Coinbase Global in the 1st quarter valued at $83,454,000. Two Sigma Advisers LP lifted its stake in Coinbase Global by 445.4% during the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange's stock worth $101,431,000 after acquiring an additional 333,600 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Coinbase Global by 1,159.9% during the 4th quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange's stock valued at $81,612,000 after acquiring an additional 302,595 shares during the period. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on COIN shares. Williams Trading set a $405.00 price target on shares of Coinbase Global in a research note on Thursday, July 31st. JMP Securities increased their target price on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a report on Monday, July 14th. Citigroup boosted their price target on shares of Coinbase Global from $270.00 to $505.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Barclays upped their price objective on Coinbase Global from $352.00 to $365.00 and gave the stock an "equal weight" rating in a research report on Friday, August 15th. Finally, William Blair assumed coverage on Coinbase Global in a report on Wednesday, June 11th. They issued an "outperform" rating for the company. Thirteen equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $352.72.

Coinbase Global Trading Down 0.2%

NASDAQ:COIN opened at $308.47 on Friday. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The stock has a market cap of $79.26 billion, a P/E ratio of 29.83 and a beta of 3.70. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The stock has a 50-day simple moving average of $348.51 and a 200-day simple moving average of $263.03.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). The business had revenue of $1.50 billion for 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.14 EPS. As a group, 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 Coinbase Global news, insider Lawrence J. Brock sold 5,903 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $311.37, for a total value of $1,838,017.11. Following the completion of the transaction, the insider owned 478 shares in the company, valued at $148,834.86. This represents a 92.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $326.71, for a total value of $8,167,750.00. Following the transaction, the chief executive officer directly owned 526 shares in the company, valued at approximately $171,849.46. The trade was a 97.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,195,871 shares of company stock worth $442,626,576 over the last 90 days. 17.65% of the stock is owned by corporate 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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