10,800 Shares in Coinbase Global, Inc. (NASDAQ:COIN) Bought by Caas Capital Management LP

Caas Capital Management LP purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 10,800 shares of the cryptocurrency exchange's stock, valued at approximately $1,860,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norges Bank bought a new position in Coinbase Global during the 4th quarter worth $536,484,000. Groupama Asset Managment bought a new position in shares of Coinbase Global in the fourth quarter worth $372,450,000. Two Sigma Advisers LP grew its stake 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 worth $101,431,000 after purchasing an additional 333,600 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Coinbase Global by 1,159.9% in the fourth quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange's stock worth $81,612,000 after purchasing an additional 302,595 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Coinbase Global by 614.8% in the fourth quarter. Franklin Resources Inc. now owns 343,348 shares of the cryptocurrency exchange's stock worth $85,253,000 after purchasing an additional 295,313 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on COIN shares. JMP Securities reaffirmed a "market outperform" rating and set a $400.00 target price on shares of Coinbase Global in a research note on Wednesday, June 25th. Barclays upped their target price on Coinbase Global from $202.00 to $359.00 and gave the company an "equal weight" rating in a report on Thursday. HC Wainwright reaffirmed a "sell" rating and set a $300.00 target price (down from $305.00) on shares of Coinbase Global in a report on Thursday. William Blair initiated coverage on Coinbase Global in a research note on Wednesday, June 11th. They issued an "outperform" rating for the company. Finally, Needham & Company LLC reduced their price objective on Coinbase Global from $330.00 to $270.00 and set a "buy" rating for the company in a research note on Monday, May 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $298.60.

Coinbase Global Stock Down 0.5%

NASDAQ COIN traded down $1.90 during mid-day trading on Friday, reaching $387.06. The stock had a trading volume of 16,560,793 shares, compared to its average volume of 10,916,478. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $398.56. The stock has a market cap of $98.27 billion, a PE ratio of 72.48, a price-to-earnings-growth ratio of 28.49 and a beta of 3.70. The company has a fifty day moving average price of $282.06 and a 200 day moving average price of $246.55. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its earnings results 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 return on equity of 20.25% and a net margin of 21.14%. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. During the same period last year, the firm posted $2.53 EPS. The company's revenue for the quarter was up 24.2% on a year-over-year basis. On average, research analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insiders Place Their Bets

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 transaction of $3,486,400.00. Following the completion of the sale, the insider owned 82,328 shares of the company's stock, valued at $28,702,833.92. The trade was a 10.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Brian Armstrong sold 25,000 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $338.29, for a total transaction of $8,457,250.00. Following the sale, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $177,940.54. The trade was a 97.94% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 685,915 shares of company stock valued at $222,081,432. Company insiders own 17.65% of the company's stock.

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.