Elite Wealth Management Inc. Invests $677,000 in Coinbase Global, Inc. (NASDAQ:COIN)

Elite Wealth Management Inc. bought a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 3,930 shares of the cryptocurrency exchange's stock, valued at approximately $677,000. Coinbase Global accounts for approximately 0.1% of Elite Wealth Management Inc.'s holdings, making the stock its 23rd biggest position.

Several other institutional investors have also bought and sold shares of the stock. Jones Financial Companies Lllp boosted its position in Coinbase Global by 125.8% in the fourth quarter. Jones Financial Companies Lllp now owns 490 shares of the cryptocurrency exchange's stock valued at $122,000 after buying an additional 273 shares in the last quarter. Proficio Capital Partners LLC boosted its holdings in shares of Coinbase Global by 23.9% in the 4th quarter. Proficio Capital Partners LLC now owns 1,685 shares of the cryptocurrency exchange's stock worth $418,000 after acquiring an additional 325 shares in the last quarter. Sequoia Financial Advisors LLC boosted its holdings in shares of Coinbase Global by 27.3% in the 4th quarter. Sequoia Financial Advisors LLC now owns 4,235 shares of the cryptocurrency exchange's stock worth $1,051,000 after acquiring an additional 908 shares in the last quarter. Farther Finance Advisors LLC grew its position in Coinbase Global by 4.3% during the 4th quarter. Farther Finance Advisors LLC now owns 964 shares of the cryptocurrency exchange's stock worth $239,000 after acquiring an additional 40 shares during the last quarter. Finally, Avantax Advisory Services Inc. increased its holdings in Coinbase Global by 15.5% during the 4th quarter. Avantax Advisory Services Inc. now owns 3,430 shares of the cryptocurrency exchange's stock valued at $852,000 after purchasing an additional 461 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Insider Activity

In related news, CEO Brian Armstrong sold 336,265 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total value of $121,933,051.65. Following the completion of the transaction, the chief executive officer directly owned 526 shares in the company, valued at approximately $190,732.86. The trade was a 99.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the sale, the director directly owned 10,417 shares of the company's stock, valued at $2,632,167.56. This represents a 74.33% decrease in their position. The disclosure for this sale can be found here. Insiders sold 670,915 shares of company stock valued at $219,399,582 in the last quarter. Company insiders own 17.65% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Sanford C. Bernstein boosted their price objective on Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. Barclays upped their price target on shares of Coinbase Global from $202.00 to $359.00 and gave the stock an "equal weight" rating in a research report on Thursday. Benchmark increased their price objective on shares of Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Citigroup reaffirmed a "buy" rating on shares of Coinbase Global in a research note on Wednesday, June 25th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $300.00 target price on shares of Coinbase Global in a research report on Monday, June 16th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $298.60.

Coinbase Global Stock Performance

Shares of COIN stock opened at $387.06 on Monday. The stock has a market cap of $98.27 billion, a PE ratio of 72.48, a price-to-earnings-growth ratio of 29.42 and a beta of 3.70. The stock has a 50-day moving average of $282.06 and a 200-day moving average of $246.12. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $395.50.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its 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). The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The firm's revenue for the quarter was up 24.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.53 EPS. As a group, sell-side analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

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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