Cache Advisors LLC Invests $1.59 Million in Coinbase Global, Inc. (NASDAQ:COIN)

Cache Advisors LLC acquired a new position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 6,390 shares of the cryptocurrency exchange's stock, valued at approximately $1,587,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Coinbase Global by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange's stock worth $4,573,462,000 after purchasing an additional 128,802 shares during the period. Geode Capital Management LLC increased its position in Coinbase Global by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange's stock worth $882,822,000 after purchasing an additional 127,075 shares during the period. Norges Bank acquired a new position in shares of Coinbase Global during the 4th quarter worth about $536,484,000. Groupama Asset Managment acquired a new position in shares of Coinbase Global during the 4th quarter worth about $372,450,000. Finally, Northern Trust Corp grew its position in shares of Coinbase Global by 20.3% during the 4th quarter. Northern Trust Corp now owns 1,294,758 shares of the cryptocurrency exchange's stock worth $321,488,000 after buying an additional 218,400 shares during the period. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Coinbase Global

In other news, CEO Brian Armstrong sold 15,000 shares of the stock in a transaction that occurred on Thursday, April 3rd. The stock was sold at an average price of $168.53, for a total value of $2,527,950.00. Following the completion of the transaction, the chief executive officer now owns 526 shares of the company's stock, valued at approximately $88,646.78. This represents a 96.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alesia J. Haas sold 7,575 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $200.00, for a total value 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 represents a 6.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold 157,786 shares of company stock worth $33,345,024 in the last ninety days. 17.65% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Jefferies Financial Group boosted their price objective on Coinbase Global from $210.00 to $260.00 and gave the company a "hold" rating in a research report on Tuesday. The Goldman Sachs Group boosted their target price on Coinbase Global from $189.00 to $209.00 and gave the company a "neutral" rating in a research note on Monday, May 12th. Compass Point upgraded Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 target price on the stock in a research note on Monday, May 12th. Monness Crespi & Hardt upgraded Coinbase Global from a "neutral" rating to a "buy" rating and set a $300.00 target price on the stock in a research note on Tuesday, May 13th. Finally, JMP Securities reiterated a "market outperform" rating and set a $400.00 price objective on shares of Coinbase Global in a research note on Thursday, May 8th. Eleven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Coinbase Global presently has an average rating of "Moderate Buy" and an average target price of $266.10.

Coinbase Global Price Performance

Shares of COIN traded up $3.24 during midday trading on Tuesday, reaching $266.40. The stock had a trading volume of 7,853,808 shares, compared to its average volume of 10,190,487. The company's 50-day moving average is $201.06 and its 200 day moving average is $246.42. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-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. The company has a market capitalization of $67.63 billion, a price-to-earnings ratio of 28.04 and a beta of 3.62.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (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 analysts' expectations of $2.22 billion. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. Coinbase Global's revenue for the quarter was up 24.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.53 earnings per share. On average, equities analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Coinbase Global 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.