Coinbase Global, Inc. (NASDAQ:COIN) Stock Position Increased by Rakuten Securities Inc.

Rakuten Securities Inc. raised its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 239.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 59,977 shares of the cryptocurrency exchange's stock after purchasing an additional 42,318 shares during the quarter. Coinbase Global accounts for 5.2% of Rakuten Securities Inc.'s portfolio, making the stock its 3rd largest position. Rakuten Securities Inc.'s holdings in Coinbase Global were worth $10,330,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Coinbase Global in the fourth quarter worth about $536,484,000. Groupama Asset Managment purchased a new stake in shares of Coinbase Global in the fourth quarter worth about $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 worth $103,888,000 after buying an additional 417,036 shares during the last quarter. Two Sigma Advisers LP boosted 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 buying an additional 333,600 shares during the last quarter. Finally, Wellington Management Group LLP boosted 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 buying an additional 302,595 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company's stock.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $198.12, for a total value of $1,981,200.00. Following the completion of the sale, the insider now owns 83,313 shares of the company's stock, valued at approximately $16,505,971.56. This trade represents a 10.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alesia J. Haas sold 7,575 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $200.00, for a total value of $1,515,000.00. Following the completion of the sale, the chief financial officer now directly owns 114,866 shares of the company's stock, valued at approximately $22,973,200. This represents a 6.19% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 220,717 shares of company stock valued at $49,363,601. 17.65% of the stock is currently owned by insiders.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $261.57 on Tuesday. The business has a 50 day simple moving average of $223.36 and a two-hundred day simple moving average of $240.64. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $349.75. The stock has a market capitalization of $66.41 billion, a P/E ratio of 27.53 and a beta of 3.61. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced 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 net margin of 39.34% and a return on equity of 20.64%. The firm 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 company earned $2.53 EPS. Coinbase Global's revenue was up 24.2% compared to the same quarter last year. As a group, analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on COIN. JPMorgan Chase & Co. lowered their target price on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Keefe, Bruyette & Woods upped their target price on Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a research note on Friday, May 9th. 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. HC Wainwright restated a "buy" rating and issued a $350.00 target price on shares of Coinbase Global in a research note on Friday, February 21st. Finally, Citigroup reaffirmed a "neutral" rating on shares of Coinbase Global in a report on Thursday, May 8th. Eleven analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Coinbase Global currently has an average rating of "Moderate Buy" and a consensus price target of $268.00.

Coinbase Global Company 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.

Want to see what other hedge funds are holding COIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coinbase Global, Inc. (NASDAQ:COIN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.