Mackenzie Financial Corp Has $2.08 Million Stock Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Mackenzie Financial Corp increased its stake in Coinbase Global, Inc. by 20.6%, owning approximately $2.08 million worth of shares by the end of the recent quarter.
• Several institutional investors made significant adjustments to their positions in Coinbase, with Wellington Management Group increasing its holdings by 1,159.9% during the fourth quarter.
• Analysts have mixed opinions on Coinbase, with a consensus rating of "Hold" and an average target price of $344.55, while price targets set by various firms range from $215.00 to $440.00.

Mackenzie Financial Corp increased its stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 20.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,065 shares of the cryptocurrency exchange's stock after acquiring an additional 2,059 shares during the quarter. Mackenzie Financial Corp's holdings in Coinbase Global were worth $2,078,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. ARK Investment Management LLC boosted its position in Coinbase Global by 1.1% during the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock worth $528,592,000 after acquiring an additional 34,462 shares during the period. Northern Trust Corp grew its holdings in shares of Coinbase Global by 20.3% during the 4th quarter. Northern Trust Corp now owns 1,294,758 shares of the cryptocurrency exchange's stock valued at $321,488,000 after acquiring an additional 218,400 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Coinbase Global by 29.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 979,129 shares of the cryptocurrency exchange's stock worth $243,118,000 after acquiring an additional 222,789 shares during the last quarter. Ribbit Management Company LLC raised its holdings in shares of Coinbase Global by 33.9% during the fourth quarter. Ribbit Management Company LLC now owns 527,600 shares of the cryptocurrency exchange's stock worth $131,003,000 after acquiring an additional 133,500 shares in the last quarter. Finally, Invesco Ltd. boosted its position in Coinbase Global by 26.1% during the fourth quarter. Invesco Ltd. now owns 445,736 shares of the cryptocurrency exchange's stock valued at $110,676,000 after purchasing an additional 92,371 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Stock Up 1.7%

NASDAQ COIN traded up $5.14 on Thursday, reaching $308.72. The company had a trading volume of 11,154,287 shares, compared to its average volume of 11,624,521. The firm has a market capitalization of $78.38 billion, a price-to-earnings ratio of 29.87, a price-to-earnings-growth ratio of 25.78 and a beta of 3.70. The company's fifty day moving average is $330.35 and its 200-day moving average is $260.11. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). The firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%. Coinbase Global's quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 earnings per share. On average, research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Brian Armstrong sold 336,265 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the transaction, the chief executive officer directly owned 526 shares in the company, valued at approximately $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the completion of 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. Over the last three months, insiders sold 1,208,340 shares of company stock worth $442,911,206. Insiders own 17.65% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on COIN shares. JMP Securities boosted their target price on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a research report on Monday, July 14th. Needham & Company LLC upped their price objective on shares of Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Wall Street Zen raised Coinbase Global from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Monness Crespi & Hardt downgraded shares of Coinbase Global from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. Finally, Argus assumed coverage on Coinbase Global in a research report on Monday, July 14th. They issued a "buy" rating and a $400.00 price objective for the company. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat, Coinbase Global has a consensus rating of "Hold" and an average price target of $352.18.

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.