Ridgewood Investments LLC Takes $185,000 Position in Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Ridgewood Investments LLC purchased 1,075 shares of Coinbase Global, Inc. during the 1st quarter, valuing the investment at approximately $185,000.
• Institutional investors now hold a significant portion of Coinbase's stock, with 68.84% ownership among them, indicating strong institutional interest in the company.
• Analyst ratings for Coinbase reflect optimism, with a consensus rating of "Moderate Buy" and a target price averaging around $320.06.

Ridgewood Investments LLC purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,075 shares of the cryptocurrency exchange's stock, valued at approximately $185,000.

Other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC boosted its holdings in shares of Coinbase Global by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange's stock worth $882,822,000 after purchasing an additional 127,075 shares in the last quarter. ARK Investment Management LLC boosted its holdings in shares of Coinbase Global by 1.1% in the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock worth $528,592,000 after purchasing an additional 34,462 shares in the last quarter. Groupama Asset Managment purchased a new position in shares of Coinbase Global in the 4th quarter worth about $372,450,000. Northern Trust Corp boosted its holdings in shares of Coinbase Global by 20.3% in the 4th quarter. Northern Trust Corp now owns 1,294,758 shares of the cryptocurrency exchange's stock worth $321,488,000 after purchasing an additional 218,400 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Coinbase Global by 29.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 979,129 shares of the cryptocurrency exchange's stock valued at $243,118,000 after acquiring an additional 222,789 shares during the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Stock Up 1.9%

Shares of Coinbase Global stock traded up $7.08 during midday trading on Thursday, hitting $384.56. The company had a trading volume of 5,778,852 shares, compared to its average volume of 11,372,690. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52. The stock has a market capitalization of $97.63 billion, a P/E ratio of 72.08, a P/E/G ratio of 26.47 and a beta of 3.70. The company has a 50 day moving average of $324.49 and a 200 day moving average of $258.36. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share 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 analysts' expectations of $2.22 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The business's quarterly revenue was up 24.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.53 EPS. On average, equities analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total transaction of $3,486,400.00. Following the sale, the insider directly owned 82,328 shares in the company, valued at approximately $28,702,833.92. This trade represents a 10.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Alesia J. Haas sold 3,000 shares of the stock in a transaction 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 sale, the chief financial officer owned 97,366 shares in the company, valued at approximately $35,071,233.20. This represents a 2.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,208,340 shares of company stock worth $439,997,456 in the last 90 days. Insiders own 17.65% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on COIN. Rosenblatt Securities boosted their target price on Coinbase Global from $300.00 to $470.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Compass Point raised Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 target price for the company in a research note on Monday, May 12th. William Blair began coverage on Coinbase Global in a research note on Wednesday, June 11th. They issued an "outperform" rating for the company. Citigroup boosted their target price on Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, Needham & Company LLC lowered their price target on Coinbase Global from $330.00 to $270.00 and set a "buy" rating for the company in a research report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, Coinbase Global presently has an average rating of "Hold" and a consensus price target of $336.58.

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.