Longitude Cayman Ltd. Cuts Stock Position in Coinbase Global, Inc. (NASDAQ:COIN)

Longitude Cayman Ltd. reduced its stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 45.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 11,000 shares of the cryptocurrency exchange's stock after selling 9,000 shares during the quarter. Coinbase Global makes up 1.1% of Longitude Cayman Ltd.'s investment portfolio, making the stock its 25th largest holding. Longitude Cayman Ltd.'s holdings in Coinbase Global were worth $1,913,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of COIN. Raymond James & Associates increased its position in shares of Coinbase Global by 65.5% during the fourth quarter. Raymond James & Associates now owns 24,165 shares of the cryptocurrency exchange's stock valued at $4,203,000 after acquiring an additional 9,564 shares during the last quarter. Masso Torrence Wealth Management Inc. bought a new stake in shares of Coinbase Global during the 4th quarter worth $302,000. Russell Investments Group Ltd. boosted its holdings in shares of Coinbase Global by 10.4% in the 4th quarter. Russell Investments Group Ltd. now owns 17,962 shares of the cryptocurrency exchange's stock worth $3,142,000 after buying an additional 1,685 shares during the last quarter. Mariner LLC grew its position in Coinbase Global by 5.4% during the third quarter. Mariner LLC now owns 82,582 shares of the cryptocurrency exchange's stock valued at $6,200,000 after buying an additional 4,259 shares during the period. Finally, Itau Unibanco Holding S.A. grew its position in Coinbase Global by 10.0% during the third quarter. Itau Unibanco Holding S.A. now owns 1,374 shares of the cryptocurrency exchange's stock valued at $103,000 after buying an additional 125 shares during the period. 68.84% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Alesia J. Haas sold 64,000 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $228.45, for a total value of $14,620,800.00. Following the transaction, the chief financial officer now owns 219,490 shares of the company's stock, valued at approximately $50,142,490.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Paul Grewal sold 42,113 shares of the firm's stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $190.34, for a total transaction of $8,015,788.42. Following the transaction, the insider now directly owns 66,122 shares of the company's stock, valued at approximately $12,585,661.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Alesia J. Haas sold 64,000 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $228.45, for a total transaction of $14,620,800.00. Following the transaction, the chief financial officer now owns 219,490 shares in the company, valued at $50,142,490.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 470,563 shares of company stock worth $104,873,137. 33.16% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have commented on COIN shares. The Goldman Sachs Group lowered their price objective on shares of Coinbase Global from $295.00 to $255.00 and set a "neutral" rating on the stock in a research report on Friday, May 3rd. Sanford C. Bernstein increased their price objective on Coinbase Global from $80.00 to $200.00 and gave the company a "market perform" rating in a report on Thursday, April 18th. Citigroup raised their target price on Coinbase Global from $90.00 to $151.00 and gave the stock a "neutral" rating in a research report on Friday, January 19th. Singular Research reaffirmed a "buy" rating on shares of Coinbase Global in a research report on Wednesday, May 8th. Finally, TheStreet upgraded Coinbase Global from a "d" rating to a "c-" rating in a research note on Friday, February 16th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Coinbase Global has an average rating of "Hold" and a consensus target price of $214.67.

Coinbase Global Price Performance

Shares of COIN traded up $8.43 during mid-day trading on Friday, reaching $207.60. 8,688,627 shares of the stock traded hands, compared to its average volume of 8,344,790. The company has a market cap of $50.98 billion, a price-to-earnings ratio of 41.44 and a beta of 3.46. Coinbase Global, Inc. has a 1 year low of $46.43 and a 1 year high of $283.48. The firm has a fifty day moving average price of $234.49 and a 200 day moving average price of $175.77. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.52.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 EPS for the quarter, topping the consensus estimate of ($0.09) by $1.13. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. The business had revenue of $953.80 million during the quarter, compared to analysts' expectations of $826.10 million. During the same period in the previous year, the business earned ($2.46) earnings per share. The firm's revenue was up 51.6% on a year-over-year basis. As a group, equities research analysts predict that Coinbase Global, Inc. will post 5.01 earnings per share for the current year.

Coinbase Global 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.