Dark Forest Capital Management LP Acquires 2,871 Shares of Coinbase Global, Inc. $COIN

Dark Forest Capital Management LP raised its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 16.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,597 shares of the cryptocurrency exchange's stock after acquiring an additional 2,871 shares during the quarter. Dark Forest Capital Management LP's holdings in Coinbase Global were worth $3,547,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Mascagni Wealth Management Inc. purchased a new position in shares of Coinbase Global in the fourth quarter valued at $25,000. Copia Wealth Management purchased a new stake in Coinbase Global during the 4th quarter worth about $26,000. Bessemer Group Inc. boosted its stake in Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after purchasing an additional 113 shares during the period. McClarren Financial Advisors Inc. purchased a new position in Coinbase Global during the 1st quarter valued at about $30,000. Finally, S Bank Fund Management Ltd purchased a new position in Coinbase Global during the 1st quarter valued at about $31,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Analysts Set New Price Targets

COIN has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price target on shares of Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Williams Trading set a $405.00 target price on shares of Coinbase Global in a report on Thursday, July 31st. Sanford C. Bernstein raised their price target on Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. JMP Securities raised their price objective on shares of Coinbase Global from $400.00 to $440.00 and gave the company a "market outperform" rating in a research report on Monday, July 14th. Finally, Jefferies Financial Group boosted their target price on Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a research report on Tuesday, July 29th. Thirteen investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $352.72.

Coinbase Global Trading Down 0.3%

Coinbase Global stock opened at $303.56 on Wednesday. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The company has a market capitalization of $78.00 billion, a price-to-earnings ratio of 29.36 and a beta of 3.68. The business's fifty day simple moving average is $347.55 and its two-hundred day simple moving average is $263.46. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period last year, the business earned $0.14 EPS. Coinbase Global's revenue was up 3.3% on a year-over-year basis. As a group, equities analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In related news, CEO Brian Armstrong sold 336,265 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the transaction, the chief executive officer owned 526 shares in the company, valued at $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 1,170,871 shares of company stock worth $436,447,826 over the last three months. 23.43% of the stock is owned by insiders.

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.

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