Wealth Enhancement Advisory Services LLC Buys 3,695 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Wealth Enhancement Advisory Services LLC lifted its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 40.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 12,852 shares of the cryptocurrency exchange's stock after purchasing an additional 3,695 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Coinbase Global were worth $2,213,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. KCM Investment Advisors LLC purchased a new stake in shares of Coinbase Global in the 4th quarter worth approximately $507,000. Envestnet Portfolio Solutions Inc. lifted its position in shares of Coinbase Global by 10.4% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,456 shares of the cryptocurrency exchange's stock worth $610,000 after purchasing an additional 232 shares during the period. Wealthcare Advisory Partners LLC lifted its position in shares of Coinbase Global by 87.0% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 3,355 shares of the cryptocurrency exchange's stock worth $578,000 after purchasing an additional 1,561 shares during the period. Resolute Advisors LLC lifted its position in shares of Coinbase Global by 18.2% in the 4th quarter. Resolute Advisors LLC now owns 9,730 shares of the cryptocurrency exchange's stock worth $2,416,000 after purchasing an additional 1,500 shares during the period. Finally, Proem Advisors LLC purchased a new stake in shares of Coinbase Global in the 4th quarter worth approximately $2,483,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Down 5.8%

NASDAQ:COIN opened at $353.43 on Friday. The firm has a market capitalization of $89.73 billion, a P/E ratio of 66.19, a PEG ratio of 25.85 and a beta of 3.61. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52. The company's fifty day moving average price is $249.67 and its 200-day moving average price is $241.43. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $382.00.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on COIN. Needham & Company LLC lowered their price target on shares of Coinbase Global from $330.00 to $270.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Citigroup reissued a "buy" rating on shares of Coinbase Global in a research report on Wednesday. Sanford C. Bernstein increased their target price on shares of Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a research report on Wednesday. Cantor Fitzgerald began coverage on shares of Coinbase Global in a research report on Tuesday, April 8th. They set an "overweight" rating and a $245.00 target price for the company. Finally, Jefferies Financial Group reissued a "hold" rating and set a $260.00 target price (up previously from $210.00) on shares of Coinbase Global in a research report on Tuesday, May 27th. Ten investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $291.06.

Insider Activity

In other news, CEO Brian Armstrong sold 15,000 shares of Coinbase Global stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $168.53, for a total value of $2,527,950.00. Following the sale, the chief executive officer now owns 526 shares in the company, valued at $88,646.78. This trade represents a 96.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Alesia J. Haas sold 7,575 shares of Coinbase Global stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the completion of the sale, the chief financial officer now owns 107,291 shares in the company, valued at approximately $21,458,200. This trade represents a 6.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 665,915 shares of company stock worth $212,665,732 over the last 90 days. 17.65% of the stock is currently owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.