Janney Montgomery Scott LLC Boosts Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Janney Montgomery Scott LLC increased its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 43.5% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 43,236 shares of the cryptocurrency exchange's stock after purchasing an additional 13,114 shares during the period. Janney Montgomery Scott LLC's holdings in Coinbase Global were worth $7,447,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of Coinbase Global in the fourth quarter worth $536,484,000. Groupama Asset Managment acquired a new position in shares of Coinbase Global in the fourth quarter worth $372,450,000. Proficio Capital Partners LLC grew its stake in shares of Coinbase Global by 30,664.4% in the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange's stock worth $103,888,000 after acquiring an additional 417,036 shares in the last quarter. Two Sigma Advisers LP grew its stake in shares of Coinbase Global by 445.4% in the fourth quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange's stock worth $101,431,000 after acquiring an additional 333,600 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of Coinbase Global by 1,159.9% in the fourth quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange's stock worth $81,612,000 after acquiring an additional 302,595 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company's stock.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 10,000 shares of the firm's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $198.15, for a total transaction of $1,981,500.00. Following the transaction, the chief executive officer now directly owns 526 shares of the company's stock, valued at approximately $104,226.90. This trade represents a 95.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Alesia J. Haas sold 7,575 shares of the firm's stock in a transaction 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 transaction, the chief financial officer now directly owns 114,866 shares in the company, valued at $22,973,200. The trade was a 6.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 228,538 shares of company stock valued at $51,299,116. Insiders own 17.65% of the company's stock.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $308.38 on Friday. The company's fifty day moving average price is $232.43 and its 200 day moving average price is $240.43. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $349.75. 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 firm has a market capitalization of $78.29 billion, a P/E ratio of 57.75, a P/E/G ratio of 22.47 and a beta of 3.61.

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). Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same quarter in the prior year, the business earned $2.53 earnings per share. Coinbase Global's revenue was up 24.2% compared to the same quarter last year. As a group, sell-side analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Mizuho dropped their price target on shares of Coinbase Global from $280.00 to $217.00 and set a "neutral" rating for the company in a research note on Tuesday, March 11th. William Blair started coverage on shares of Coinbase Global in a report on Wednesday, June 11th. They issued an "outperform" rating on the stock. Piper Sandler raised their price objective on shares of Coinbase Global from $180.00 to $190.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Benchmark raised their price objective on shares of Coinbase Global from $252.00 to $301.00 and gave the company a "buy" rating in a report on Friday, May 16th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Coinbase Global from $183.00 to $205.00 and gave the company a "market perform" rating in a report on Friday, May 9th. Eleven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $271.88.

Coinbase Global 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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