IFM Investors Pty Ltd Increases Stake in Coinbase Global, Inc. (NASDAQ:COIN)

IFM Investors Pty Ltd grew its stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 8.4% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 37,265 shares of the cryptocurrency exchange's stock after acquiring an additional 2,900 shares during the period. IFM Investors Pty Ltd's holdings in Coinbase Global were worth $6,640,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in COIN. Norges Bank purchased a new stake in Coinbase Global during the 4th quarter worth approximately $536,484,000. Groupama Asset Managment purchased a new stake in Coinbase Global during the 4th quarter worth approximately $372,450,000. Two Sigma Advisers LP increased its stake in Coinbase Global by 445.4% during the 4th 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 period. Wellington Management Group LLP increased its stake in Coinbase Global by 1,159.9% during the 4th 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 period. Finally, Franklin Resources Inc. increased its stake in Coinbase Global by 614.8% during the 4th quarter. Franklin Resources Inc. now owns 343,348 shares of the cryptocurrency exchange's stock worth $85,253,000 after buying an additional 295,313 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Sanford C. Bernstein upped their target price on shares of Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. China Renaissance assumed coverage on shares of Coinbase Global in a research note on Tuesday, June 17th. They set a "buy" rating and a $353.30 target price on the stock. Oppenheimer reaffirmed an "outperform" rating and set a $395.00 target price (up from $293.00) on shares of Coinbase Global in a research note on Thursday, June 26th. Needham & Company LLC lowered their price target on shares of Coinbase Global from $330.00 to $270.00 and set a "buy" rating for the company in a report on Monday, May 12th. Finally, Piper Sandler boosted their price target on shares of Coinbase Global from $180.00 to $190.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Ten research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $291.06.

Coinbase Global Stock Up 0.9%

Shares of Coinbase Global stock traded up $3.06 during trading hours on Monday, hitting $358.86. The company had a trading volume of 3,803,314 shares, compared to its average volume of 10,763,869. The company's 50-day moving average is $265.23 and its two-hundred day moving average is $242.75. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $382.00. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52. The company has a market cap of $91.11 billion, a P/E ratio of 66.93, a price-to-earnings-growth ratio of 26.03 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). The company had revenue of $2.03 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.53 EPS. Analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $338.29, for a total transaction of $8,457,250.00. Following the completion of the sale, the chief executive officer owned 526 shares in the company, valued at $177,940.54. This represents a 97.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alesia J. Haas sold 3,000 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $360.20, for a total value 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 approximately $35,071,233.20. The trade was a 2.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 685,915 shares of company stock worth $222,081,432 in the last 90 days. Company insiders own 23.43% of the company's stock.

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.