Cambridge Investment Research Advisors Inc. Has $6.52 Million Position in Coinbase Global, Inc. (NASDAQ:COIN)

Cambridge Investment Research Advisors Inc. boosted its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 23.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 37,869 shares of the cryptocurrency exchange's stock after buying an additional 7,073 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in Coinbase Global were worth $6,522,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Coinbase Global in the fourth quarter worth $536,484,000. Groupama Asset Managment acquired a new position in shares of Coinbase Global during the fourth quarter worth $372,450,000. Proficio Capital Partners LLC boosted its stake in shares of Coinbase Global by 30,664.4% in the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange's stock valued at $103,888,000 after purchasing an additional 417,036 shares during the period. Two Sigma Advisers LP grew its holdings 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 valued at $101,431,000 after purchasing an additional 333,600 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake 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 worth $81,612,000 after buying an additional 302,595 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Stock Down 5.8%

Shares of COIN traded down $21.64 during mid-day trading on Friday, reaching $353.43. The company's stock had a trading volume of 28,941,436 shares, compared to its average volume of 10,698,444. The company has a market cap of $89.73 billion, a price-to-earnings ratio of 66.19, a price-to-earnings-growth ratio of 25.99 and a beta of 3.61. The business has a fifty day moving average of $246.10 and a 200 day moving average of $241.58. 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.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same period in the previous year, the firm posted $2.53 earnings per share. The firm's quarterly revenue was up 24.2% on a year-over-year basis. As a group, analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the transaction, the director now directly owns 10,417 shares in the company, valued at $2,632,167.56. The trade was a 74.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Brian Armstrong sold 15,000 shares of the stock in a transaction 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 665,915 shares of company stock worth $212,665,732 in the last 90 days. Company insiders own 17.65% of the company's stock.

Wall Street Analyst Weigh In

COIN has been the topic of several recent analyst reports. Mizuho cut their price target on Coinbase Global from $280.00 to $217.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 11th. Oppenheimer restated an "outperform" rating and set a $395.00 price objective (up from $293.00) on shares of Coinbase Global in a research note on Thursday. Keefe, Bruyette & Woods boosted their target price on shares of Coinbase Global from $183.00 to $205.00 and gave the company a "market perform" rating in a research note on Friday, May 9th. Compass Point upgraded shares of Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price target on the stock in a research report on Monday, May 12th. Finally, Barclays lifted their price target on shares of Coinbase Global from $169.00 to $202.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. Ten equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $291.06.

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.