CTC Alternative Strategies Ltd. Buys Shares of 3,737 Coinbase Global, Inc. (NASDAQ:COIN)

CTC Alternative Strategies Ltd. purchased a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,737 shares of the cryptocurrency exchange's stock, valued at approximately $928,000. Coinbase Global makes up approximately 1.1% of CTC Alternative Strategies Ltd.'s investment portfolio, making the stock its 15th biggest position.

A number of other hedge funds also recently bought and sold shares of COIN. Wingate Wealth Advisors Inc. purchased a new stake in Coinbase Global in the 4th quarter worth approximately $27,000. Atala Financial Inc purchased a new position in shares of Coinbase Global in the fourth quarter valued at $27,000. MassMutual Private Wealth & Trust FSB lifted its position in Coinbase Global by 365.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange's stock worth $34,000 after buying an additional 106 shares during the last quarter. Mpwm Advisory Solutions LLC bought a new stake in Coinbase Global in the fourth quarter worth $35,000. Finally, Studio Investment Management LLC bought a new stake in Coinbase Global in the fourth quarter worth $38,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Price Performance

Shares of COIN stock traded down $3.42 during trading hours on Thursday, hitting $250.87. 4,078,301 shares of the company's stock were exchanged, compared to its average volume of 10,158,428. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The firm has a market cap of $63.69 billion, a P/E ratio of 26.38 and a beta of 3.62. The firm has a 50 day moving average of $203.87 and a two-hundred day moving average of $246.61. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $349.75.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The firm had revenue of $2.03 billion for the quarter, compared to analysts' expectations of $2.22 billion. During the same quarter in the previous year, the firm posted $2.53 earnings per share. The firm's revenue for the quarter was up 24.2% compared to the same quarter last year. Sell-side analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Analysts Set New Price Targets

COIN has been the subject of several research analyst reports. HC Wainwright reiterated a "buy" rating and set a $350.00 target price on shares of Coinbase Global in a research report on Friday, February 21st. Keefe, Bruyette & Woods lifted their target price on Coinbase Global from $183.00 to $205.00 and gave the company a "market perform" rating in a research note on Friday, May 9th. JPMorgan Chase & Co. cut 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. Jefferies Financial Group restated a "hold" rating and set a $260.00 price target (up previously from $210.00) on shares of Coinbase Global in a research note on Tuesday. Finally, Monness Crespi & Hardt raised Coinbase Global from a "neutral" rating to a "buy" rating and set a $300.00 target price for the company in a report on Tuesday, May 13th. Eleven research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $266.10.

Insider Buying and Selling

In related news, CFO Alesia J. Haas sold 7,575 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the completion of the sale, the chief financial officer now directly owns 114,866 shares in the company, valued at approximately $22,973,200. The trade was a 6.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $198.15, for a total value of $1,981,500.00. Following the sale, the chief executive officer now owns 526 shares of the company's stock, valued at $104,226.90. The trade was a 95.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 157,786 shares of company stock worth $33,345,024. 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.