Worldquant Millennium Advisors LLC Makes New Investment in Coinbase Global, Inc. (NASDAQ:COIN)

Worldquant Millennium Advisors LLC bought a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 99,940 shares of the cryptocurrency exchange's stock, valued at approximately $24,815,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Coinbase Global by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange's stock valued at $4,573,462,000 after purchasing an additional 128,802 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Coinbase Global by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange's stock worth $882,822,000 after buying an additional 127,075 shares during the period. Norges Bank bought a new stake in Coinbase Global during the 4th quarter valued at $536,484,000. Groupama Asset Managment purchased a new position in shares of Coinbase Global in the 4th quarter valued at $372,450,000. Finally, Northern Trust Corp increased 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 valued at $321,488,000 after acquiring an additional 218,400 shares during the period. 68.84% of the stock is owned by institutional investors.

Insider Transactions at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,978 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total value of $2,326,567.54. Following the sale, the insider now owns 83,313 shares in the company, valued at approximately $17,656,524.09. This represents a 11.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Frederick Ernest Ehrsam III sold 15,517 shares of Coinbase Global stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $260.98, for a total transaction of $4,049,626.66. Following the transaction, the director now directly owns 10,417 shares of the company's stock, valued at approximately $2,718,628.66. This trade represents a 59.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 168,764 shares of company stock worth $35,671,592 over the last quarter. 17.65% of the stock is currently owned by insiders.

Coinbase Global Stock Performance

NASDAQ COIN traded down $8.79 on Monday, hitting $263.16. 9,253,825 shares of the company's stock traded hands, compared to its average volume of 10,199,748. The firm has a market capitalization of $66.81 billion, a PE ratio of 27.70 and a beta of 3.62. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $349.75. The firm's 50-day moving average price is $199.59 and its two-hundred day moving average price is $246.47. 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 (NASDAQ:COIN - Get Free Report) last posted 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 business had revenue of $2.03 billion for 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 company's revenue for the quarter was up 24.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.53 earnings per share. As a group, analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on COIN shares. Piper Sandler raised their price objective on Coinbase Global from $180.00 to $190.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Keefe, Bruyette & Woods raised their price target on shares of Coinbase Global from $183.00 to $205.00 and gave the company a "market perform" rating in a report on Friday, May 9th. Bank of America reduced their price objective on shares of Coinbase Global from $363.00 to $311.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. Monness Crespi & Hardt raised shares of Coinbase Global from a "neutral" rating to a "buy" rating and set a $300.00 target price for the company in a research report on Tuesday, May 13th. Finally, Needham & Company LLC cut their price target on shares of Coinbase Global from $330.00 to $270.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Ten research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price 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.