Scientech Research LLC Invests $1.54 Million in Coinbase Global, Inc. (NASDAQ:COIN)

Scientech Research LLC bought a new position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,192 shares of the cryptocurrency exchange's stock, valued at approximately $1,537,000. Coinbase Global makes up 0.4% of Scientech Research LLC's holdings, making the stock its 23rd largest position.

Other hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. raised 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 valued at $9,558,000 after buying an additional 36,843 shares during the period. Miracle Mile Advisors LLC boosted its position 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 worth $360,000 after purchasing an additional 69 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Coinbase Global by 21.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 4,364 shares of the cryptocurrency exchange's stock worth $1,084,000 after purchasing an additional 783 shares in the last quarter. Park Avenue Securities LLC boosted its position in shares of Coinbase Global by 73.4% in the 4th quarter. Park Avenue Securities LLC now owns 3,317 shares of the cryptocurrency exchange's stock worth $824,000 after purchasing an additional 1,404 shares in the last quarter. Finally, Steph & Co. purchased a new stake in Coinbase Global during the 4th quarter valued at about $87,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on COIN shares. JMP Securities reiterated a "market outperform" rating and set a $400.00 price target on shares of Coinbase Global in a research note on Thursday, May 8th. Bank of America cut their price objective on Coinbase Global from $363.00 to $311.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. Sanford C. Bernstein upgraded Coinbase Global to a "strong-buy" rating in a research report on Tuesday, March 18th. JPMorgan Chase & Co. lowered their price objective on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Finally, Keefe, Bruyette & Woods increased their price objective on Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a research report on Friday, May 9th. Ten analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Coinbase Global currently has a consensus rating of "Moderate Buy" and an average target price of $266.40.

Insider Activity at Coinbase Global

In other news, CFO Alesia J. Haas sold 7,575 shares of the 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 of the company's stock, valued at approximately $22,973,200. This represents a 6.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Grewal sold 10,978 shares of the 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 transaction, the insider now directly 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 disclosure for this sale can be found here. Insiders have sold 168,764 shares of company stock worth $35,671,592 in the last quarter. Company insiders own 17.65% of the company's stock.

Coinbase Global Stock Down 1.0%

Coinbase Global stock traded down $2.61 during midday trading on Tuesday, reaching $261.38. The company's stock had a trading volume of 8,566,585 shares, compared to its average volume of 10,169,600. The business has a 50-day simple moving average of $193.10 and a 200-day simple moving average of $245.31. The company has a market cap of $66.36 billion, a P/E ratio of 27.51 and a beta of 3.62. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $349.75. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced 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 firm had revenue of $2.03 billion during 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 firm's revenue for the quarter was up 24.2% compared to the same quarter last year. During the same period last year, the company earned $2.53 earnings per share. On average, research analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal 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.