Envestnet Asset Management Inc. Buys 9,952 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Envestnet Asset Management Inc. raised its position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 24.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,447 shares of the cryptocurrency exchange's stock after acquiring an additional 9,952 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Coinbase Global were worth $8,861,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Mascagni Wealth Management Inc. acquired a new stake in shares of Coinbase Global during the fourth quarter worth approximately $25,000. Copia Wealth Management bought a new position in Coinbase Global during the fourth quarter worth $26,000. Bessemer Group Inc. lifted its stake in Coinbase Global by 297.4% during the first 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 last quarter. NBT Bank N A NY bought a new position in Coinbase Global during the first quarter worth $33,000. Finally, Mpwm Advisory Solutions LLC bought a new position in Coinbase Global during the fourth quarter worth $35,000. Institutional investors and hedge funds own 68.84% of the company's stock.

Analyst Ratings Changes

COIN has been the topic of several research analyst reports. Needham & Company LLC reduced their price objective on Coinbase Global from $330.00 to $270.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Barclays raised their target price on Coinbase Global from $202.00 to $359.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Cantor Fitzgerald began coverage on Coinbase Global in a research note on Tuesday, April 8th. They issued an "overweight" rating and a $245.00 target price on the stock. China Renaissance began coverage on Coinbase Global in a research note on Tuesday, June 17th. They issued a "buy" rating and a $353.30 target price on the stock. Finally, 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. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $320.06.

Coinbase Global Stock Down 2.2%

Shares of NASDAQ COIN traded down $9.19 during trading hours on Tuesday, hitting $404.44. The stock had a trading volume of 14,502,651 shares, compared to its average volume of 11,113,357. The company has a market capitalization of $102.68 billion, a P/E ratio of 75.74, a P/E/G ratio of 32.00 and a beta of 3.70. The firm's 50-day moving average price is $302.29 and its two-hundred day moving average price is $251.26. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $444.65. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced 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). 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 company's quarterly revenue was up 24.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.53 EPS. Analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Alesia J. Haas sold 3,000 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $360.20, for a total transaction of $1,080,600.00. Following the completion of the transaction, the chief financial officer directly owned 97,366 shares in the company, valued at $35,071,233.20. The trade was a 2.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 198,300 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total value of $78,897,621.00. Following the transaction, the chief executive officer owned 526 shares of the company's stock, valued at approximately $209,279.62. This trade represents a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,245,915 shares of company stock worth $447,462,456. 23.43% of the stock is currently 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.