Ribbit Management Company LLC Purchases 133,500 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Ribbit Management Company LLC lifted its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 33.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 527,600 shares of the cryptocurrency exchange's stock after acquiring an additional 133,500 shares during the quarter. Coinbase Global makes up approximately 14.8% of Ribbit Management Company LLC's holdings, making the stock its 2nd largest holding. Ribbit Management Company LLC owned about 0.21% of Coinbase Global worth $131,003,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of COIN. Principal Financial Group Inc. grew its holdings in Coinbase Global by 219.2% during the 3rd quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange's stock worth $9,558,000 after acquiring an additional 36,843 shares during the last quarter. Wedmont Private Capital raised its position in shares of Coinbase Global by 21.9% during the fourth quarter. Wedmont Private Capital now owns 1,766 shares of the cryptocurrency exchange's stock worth $457,000 after acquiring an additional 317 shares during the last quarter. Cooper Financial Group acquired a new stake in Coinbase Global in the fourth quarter worth about $206,000. Miracle Mile Advisors LLC boosted its stake in shares of Coinbase Global by 5.0% in the 4th quarter. Miracle Mile Advisors LLC now owns 1,450 shares of the cryptocurrency exchange's stock valued at $360,000 after purchasing an additional 69 shares during the last quarter. Finally, Pallas Capital Advisors LLC lifted its holdings in Coinbase Global by 2.0% in the fourth quarter. Pallas Capital Advisors LLC now owns 2,625 shares of the cryptocurrency exchange's stock valued at $652,000 after buying an additional 51 shares during the period. 68.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on COIN shares. Needham & Company LLC cut their target price on Coinbase Global from $330.00 to $270.00 and set a "buy" rating on the stock in a research note on Monday. Benchmark began coverage on Coinbase Global in a research note on Wednesday, April 23rd. They set a "buy" rating and a $252.00 target price for the company. Oppenheimer lowered their price objective on shares of Coinbase Global from $279.00 to $269.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Rosenblatt Securities reiterated a "buy" rating and set a $260.00 target price on shares of Coinbase Global in a report on Monday. Finally, Barclays lifted their price target on Coinbase Global from $169.00 to $202.00 and gave the company an "equal weight" rating in a research note on Monday. Ten research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $262.75.

Coinbase Global Stock Performance

Shares of COIN stock opened at $263.41 on Thursday. The company has a fifty day moving average price of $188.85 and a two-hundred day moving average price of $243.55. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $349.75. The stock has a market cap of $66.87 billion, a P/E ratio of 27.73 and a beta of 3.62. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28.

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). Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. During the same period in the previous year, the company posted $2.53 earnings per share. The firm's revenue for the quarter was up 24.2% compared to the same quarter last year. As a group, equities analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In related news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction on Monday, May 5th. The stock was sold at an average price of $200.54, for a total value of $5,013,500.00. Following the sale, the chief executive officer now owns 526 shares in the company, valued at approximately $105,484.04. This represents a 97.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Grewal sold 10,978 shares of the firm's stock in a transaction 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 sale, the insider now directly 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 disclosure for this sale can be found here. Insiders have sold 121,128 shares of company stock worth $23,511,368 over the last 90 days. Company insiders own 17.65% of the company's stock.

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.

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