Sphera Management Technology Funds Ltd Makes New $497,000 Investment in Coinbase Global, Inc. (NASDAQ:COIN)

Sphera Management Technology Funds Ltd bought a new position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,000 shares of the cryptocurrency exchange's stock, valued at approximately $497,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of COIN. Wingate Wealth Advisors Inc. purchased a new stake in Coinbase Global in the 4th quarter worth approximately $27,000. Atala Financial Inc purchased a new stake in Coinbase Global in the 4th quarter worth approximately $27,000. MassMutual Private Wealth & Trust FSB grew its stake in Coinbase Global by 365.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange's stock worth $34,000 after acquiring an additional 106 shares during the period. Studio Investment Management LLC purchased a new stake in shares of Coinbase Global during the 4th quarter valued at $38,000. Finally, Cullen Frost Bankers Inc. purchased a new stake in shares of Coinbase Global during the 4th quarter valued at $50,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Stock Up 5.0%

COIN stock traded up $12.96 during trading on Thursday, reaching $271.95. The stock had a trading volume of 15,565,837 shares, compared to its average volume of 10,200,496. The company has a market capitalization of $69.04 billion, a P/E ratio of 28.63 and a beta of 3.62. The firm has a fifty day moving average price of $196.29 and a 200 day moving average price of $245.52. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $349.75.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). The company had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The business's revenue for the quarter was up 24.2% compared to the same quarter last year. During the same quarter last year, the company posted $2.53 EPS. On average, equities analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity

In related news, insider Paul Grewal sold 10,978 shares of the business's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total transaction of $2,326,567.54. Following the completion of the sale, the insider now owns 83,313 shares of the company's stock, valued at $17,656,524.09. This represents a 11.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 sale, the director now directly owns 10,417 shares of the company's stock, valued at approximately $2,632,167.56. This represents a 74.33% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 168,764 shares of company stock worth $35,671,592. 17.65% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Cantor Fitzgerald assumed coverage on shares of Coinbase Global in a research note on Tuesday, April 8th. They set an "overweight" rating and a $245.00 price objective for the company. Piper Sandler boosted their price objective on shares of Coinbase Global from $180.00 to $190.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Barclays boosted their price objective on shares of Coinbase Global from $169.00 to $202.00 and gave the company an "equal weight" rating in a research note on Monday, May 12th. Bank of America reduced their target price on shares of Coinbase Global from $363.00 to $311.00 and set a "neutral" rating on the stock in a report on Tuesday, February 25th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Ten analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $266.40.

About Coinbase Global

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.