Allen Operations LLC Makes New Investment in Coinbase Global, Inc. (NASDAQ:COIN)

Allen Operations LLC bought a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 790 shares of the cryptocurrency exchange’s stock, valued at approximately $209,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in COIN. Morgan Stanley grew its holdings in shares of Coinbase Global by 18.5% during the 3rd quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock worth $246,250,000 after acquiring an additional 511,397 shares during the period. Integrated Advisors Network LLC grew its stake in shares of Coinbase Global by 28.7% in the 3rd quarter. Integrated Advisors Network LLC now owns 5,679 shares of the cryptocurrency exchange’s stock worth $426,000 after buying an additional 1,266 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Coinbase Global by 31.8% in the 3rd quarter. Wellington Management Group LLP now owns 50,925 shares of the cryptocurrency exchange’s stock worth $3,823,000 after buying an additional 12,301 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Coinbase Global by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 13,873,234 shares of the cryptocurrency exchange’s stock worth $1,041,602,000 after buying an additional 176,525 shares during the last quarter. Finally, Symmetry Partners LLC purchased a new stake in shares of Coinbase Global in the 4th quarter worth approximately $224,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Price Performance

Shares of Coinbase Global stock traded up $3.39 during trading on Friday, reaching $218.02. 4,949,046 shares of the stock traded hands, compared to its average volume of 6,415,108. The company has a market capitalization of $53.54 billion, a price-to-earnings ratio of 43.52 and a beta of 3.40. The business has a fifty day simple moving average of $227.63 and a two-hundred day simple moving average of $205.85. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.02 and a quick ratio of 1.02. Coinbase Global, Inc. has a 52-week low of $69.63 and a 52-week high of $283.48.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.61. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. Sell-side analysts expect that Coinbase Global, Inc. will post 5 EPS for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on COIN. Mizuho upped their price target on Coinbase Global from $84.00 to $145.00 and gave the stock an “underperform” rating in a research note on Friday, April 12th. Barclays lowered their price target on Coinbase Global from $204.00 to $196.00 and set an “underweight” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. increased their price target on Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Keefe, Bruyette & Woods upped their price objective on Coinbase Global from $230.00 to $240.00 and gave the stock a “market perform” rating in a research note on Friday, May 3rd. Finally, Sanford C. Bernstein upped their price objective on Coinbase Global from $80.00 to $200.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $220.65.

Insider Activity

In related news, CAO Jennifer N. Jones sold 15,580 shares of the stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $239.28, for a total value of $3,727,982.40. Following the completion of the transaction, the chief accounting officer now owns 2,212 shares of the company’s stock, valued at approximately $529,287.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Jennifer N. Jones sold 15,580 shares of the stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $239.28, for a total value of $3,727,982.40. Following the completion of the transaction, the chief accounting officer now owns 2,212 shares of the company’s stock, valued at approximately $529,287.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 114,216 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $202.30, for a total transaction of $23,105,896.80. Following the completion of the transaction, the director now directly owns 4,662 shares of the company’s stock, valued at approximately $943,122.60. The disclosure for this sale can be found here. Insiders sold a total of 314,136 shares of company stock worth $68,855,464 over the last 90 days. Corporate insiders own 23.43% 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.