15,574 Shares in Coinbase Global, Inc. (NASDAQ:COIN) Purchased by Fred Alger Management LLC

Fred Alger Management LLC bought a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm bought 15,574 shares of the cryptocurrency exchange’s stock, valued at approximately $2,775,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its stake in shares of Coinbase Global by 185.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after purchasing an additional 691,288 shares in the last quarter. American Century Companies Inc. grew its holdings in Coinbase Global by 1,136.7% during the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after buying an additional 435,886 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new position in Coinbase Global during the third quarter worth $29,756,000. International Assets Investment Management LLC acquired a new position in shares of Coinbase Global in the third quarter worth $26,665,000. Finally, Banco Santander S.A. purchased a new stake in shares of Coinbase Global in the second quarter valued at $29,372,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on COIN. JMP Securities reissued a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a research note on Wednesday, October 9th. Needham & Company LLC boosted their price objective on shares of Coinbase Global from $290.00 to $375.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Canaccord Genuity Group restated a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research report on Thursday, October 31st. Compass Point cut their price target on Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Finally, Oppenheimer increased their price target on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Coinbase Global has an average rating of “Hold” and an average target price of $255.22.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $296.20 on Monday. The firm’s fifty day simple moving average is $228.17 and its 200 day simple moving average is $218.64. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. Coinbase Global, Inc. has a twelve month low of $114.51 and a twelve month high of $341.75. The firm has a market capitalization of $74.15 billion, a price-to-earnings ratio of 50.55 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the prior year, the firm earned ($0.01) EPS. The company’s revenue for the quarter was up 78.8% compared to the same quarter last year. As a group, equities research analysts expect that Coinbase Global, Inc. will post 4.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $170.10, for a total value of $1,701,000.00. Following the transaction, the insider now owns 74,956 shares in the company, valued at approximately $12,750,015.60. The trade was a 11.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $298.31, for a total value of $447,465.00. Following the sale, the chief operating officer now owns 177,576 shares of the company’s stock, valued at approximately $52,972,696.56. This trade represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 237,719 shares of company stock worth $65,309,711 in the last 90 days. 23.43% of the stock is owned by company insiders.

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.