Sowell Financial Services LLC Purchases New Shares in Coinbase Global, Inc. (NASDAQ:COIN)

Sowell Financial Services LLC purchased a new position in Coinbase Global, Inc. (NASDAQ:COIN) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,412 shares of the cryptocurrency exchange's stock, valued at approximately $243,000.

Several other institutional investors and hedge funds also recently bought and sold shares of COIN. Norges Bank bought a new stake in shares of Coinbase Global in the 4th quarter worth about $536,484,000. Groupama Asset Managment purchased a new stake in Coinbase Global in the 4th quarter worth about $372,450,000. Proficio Capital Partners LLC raised its position in Coinbase Global by 30,664.4% in the 4th quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange's stock worth $103,888,000 after purchasing an additional 417,036 shares during the period. Two Sigma Advisers LP lifted its stake in 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 purchasing an additional 333,600 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Coinbase Global by 1,159.9% during the fourth quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange's stock valued at $81,612,000 after buying an additional 302,595 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the firm's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $198.12, for a total value of $1,981,200.00. Following the completion of the sale, the insider now owns 83,313 shares of the company's stock, valued at $16,505,971.56. This trade represents a 10.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian Armstrong sold 15,000 shares of the business's stock in a transaction on Thursday, April 3rd. The stock was sold at an average price of $168.53, for a total value of $2,527,950.00. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $88,646.78. This trade represents a 96.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 220,963 shares of company stock valued at $49,784,116 in the last 90 days. Insiders own 23.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Benchmark increased their price target on Coinbase Global from $252.00 to $301.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $400.00 price objective on shares of Coinbase Global in a research report on Friday, May 9th. William Blair initiated coverage on Coinbase Global in a research note on Wednesday, June 11th. They issued an "outperform" rating on the stock. JPMorgan Chase & Co. decreased their target price on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Finally, Citigroup restated a "neutral" rating on shares of Coinbase Global in a report on Thursday, May 8th. Eleven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $271.88.

Coinbase Global Trading Up 4.4%

Shares of NASDAQ COIN opened at $308.38 on Monday. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $349.75. The business has a fifty day moving average price of $232.43 and a 200 day moving average price of $239.87. The stock has a market capitalization of $78.29 billion, a P/E ratio of 57.75, a price-to-earnings-growth ratio of 22.47 and a beta of 3.62. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter in the prior year, the firm posted $2.53 earnings per share. The business's revenue for the quarter was up 24.2% compared to the same quarter last year. Equities research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

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.

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