Fred Alger Management LLC Purchases 71,602 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Fred Alger Management LLC raised its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 459.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 87,176 shares of the cryptocurrency exchange's stock after purchasing an additional 71,602 shares during the quarter. Fred Alger Management LLC's holdings in Coinbase Global were worth $21,646,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wingate Wealth Advisors Inc. bought a new position in shares of Coinbase Global in the 4th quarter worth about $27,000. Atala Financial Inc bought a new position in shares of Coinbase Global in the 4th quarter worth about $27,000. MassMutual Private Wealth & Trust FSB increased its stake in shares of 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 in the last quarter. Cullen Frost Bankers Inc. bought a new position in shares of Coinbase Global in the 4th quarter worth about $50,000. Finally, BNP Paribas bought a new position in shares of Coinbase Global in the 4th quarter worth about $50,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Stock Performance

Shares of NASDAQ COIN traded down $7.03 during trading on Friday, reaching $199.47. 16,352,397 shares of the company traded hands, compared to its average volume of 9,657,497. The firm has a 50 day simple moving average of $187.38 and a 200-day simple moving average of $243.30. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $50.64 billion, a PE ratio of 21.00 and a beta of 3.62. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $349.75.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly 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 for the quarter, compared to analysts' expectations 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 was up 24.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.53 EPS. Equities research analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on COIN shares. Compass Point reiterated a "sell" rating and issued a $180.00 price target on shares of Coinbase Global in a research note on Monday, April 28th. Needham & Company LLC reiterated a "buy" rating and issued a $330.00 price target on shares of Coinbase Global in a research note on Thursday, February 13th. JMP Securities reissued a "market outperform" rating and set a $400.00 price objective on shares of Coinbase Global in a research report on Thursday. Cantor Fitzgerald assumed coverage on shares of Coinbase Global in a research report on Tuesday, April 8th. They set an "overweight" rating and a $245.00 price objective on the stock. Finally, Barclays reissued an "equal weight" rating on shares of Coinbase Global in a research report on Thursday. One research analyst has rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Coinbase Global currently has a consensus rating of "Hold" and an average target price of $268.65.

Insider Activity

In related news, insider Paul Grewal sold 10,978 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total value of $2,326,567.54. Following the transaction, the insider now owns 83,313 shares of the company's stock, valued at approximately $17,656,524.09. This trade represents a 11.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Alesia J. Haas sold 7,575 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the completion of the transaction, the chief financial officer now directly owns 114,866 shares in the company, valued at approximately $22,973,200. The trade was a 6.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 153,742 shares of company stock valued at $32,639,759 in the last 90 days. 17.65% of the stock is currently owned by insiders.

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.