Patton Fund Management Inc. lessened its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 87.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,165 shares of the cryptocurrency exchange's stock after selling 8,464 shares during the quarter. Patton Fund Management Inc.'s holdings in Coinbase Global were worth $263,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the stock. Assetmark Inc. lifted its position in shares of Coinbase Global by 8.1% during the 4th quarter. Assetmark Inc. now owns 5,583 shares of the cryptocurrency exchange's stock worth $1,263,000 after buying an additional 417 shares during the last quarter. Rede Wealth LLC purchased a new stake in shares of Coinbase Global during the 4th quarter worth approximately $1,829,000. Patten Group Inc. increased its holdings in shares of Coinbase Global by 335.2% in the 4th quarter. Patten Group Inc. now owns 2,929 shares of the cryptocurrency exchange's stock valued at $662,000 after acquiring an additional 2,256 shares during the period. Baillie Gifford & Co. increased its holdings in shares of Coinbase Global by 41.1% in the 4th quarter. Baillie Gifford & Co. now owns 829,081 shares of the cryptocurrency exchange's stock valued at $187,488,000 after acquiring an additional 241,659 shares during the period. Finally, Smith Moore & CO. increased its holdings in shares of Coinbase Global by 8.9% in the 4th quarter. Smith Moore & CO. now owns 988 shares of the cryptocurrency exchange's stock valued at $223,000 after acquiring an additional 81 shares during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.
Coinbase Global Stock Performance
Shares of COIN opened at $174.31 on Tuesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.34 and a current ratio of 2.34. The stock has a market capitalization of $46.03 billion, a P/E ratio of 39.71, a P/E/G ratio of 3.73 and a beta of 3.60. The company's fifty day moving average is $178.14 and its two-hundred day moving average is $244.74. Coinbase Global, Inc. has a 1 year low of $139.36 and a 1 year high of $444.64.
Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data on Thursday, February 12th. The cryptocurrency exchange reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.17). The firm had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.86 billion. Coinbase Global had a net margin of 17.55% and a return on equity of 8.68%. The business's quarterly revenue was down 21.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.68 earnings per share. On average, sell-side analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.
Insider Buying and Selling at Coinbase Global
In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 2,750 shares of the business's stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $260.09, for a total value of $715,247.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Alesia J. Haas sold 364,600 shares of the business's stock in a transaction on Friday, February 6th. The shares were sold at an average price of $154.95, for a total transaction of $56,494,770.00. Following the completion of the transaction, the chief financial officer directly owned 402,165 shares in the company, valued at $62,315,466.75. This represents a 47.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 396,745 shares of company stock worth $63,576,559 over the last three months. 16.56% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
A number of equities analysts have recently commented on the stock. Mizuho cut their target price on shares of Coinbase Global from $280.00 to $170.00 and set a "neutral" rating on the stock in a report on Tuesday, February 17th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Coinbase Global in a report on Friday, January 9th. Jefferies Financial Group lifted their target price on shares of Coinbase Global from $151.00 to $181.00 and gave the company a "hold" rating in a report on Thursday, April 9th. UBS Group set a $264.00 target price on shares of Coinbase Global in a report on Friday, February 13th. Finally, Robert W. Baird cut their target price on shares of Coinbase Global from $215.00 to $200.00 and set a "neutral" rating on the stock in a report on Wednesday, April 1st. Nineteen analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $260.11.
Check Out Our Latest Stock Report on Coinbase Global
Coinbase Global Company Profile
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Free Report)
Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.
Coinbase's product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.
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