MML Investors Services LLC Increases Stock Position in Coinbase Global, Inc. (NASDAQ:COIN)

MML Investors Services LLC grew its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 47.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,550 shares of the cryptocurrency exchange’s stock after buying an additional 4,032 shares during the period. MML Investors Services LLC’s holdings in Coinbase Global were worth $2,236,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. grew its position in Coinbase Global by 2.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock worth $570,341,000 after acquiring an additional 71,398 shares in the last quarter. Clear Street Derivatives LLC purchased a new position in shares of Coinbase Global in the 3rd quarter worth about $409,919,000. Cowen AND Company LLC increased its position in shares of Coinbase Global by 1.5% during the 2nd quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after purchasing an additional 22,071 shares during the last quarter. Renaissance Technologies LLC raised its holdings 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 valued at $236,258,000 after buying an additional 691,288 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Coinbase Global by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock worth $163,752,000 after buying an additional 52,856 shares during the last quarter. Institutional investors own 68.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on COIN shares. Monness Crespi & Hardt began coverage on shares of Coinbase Global in a research report on Monday, October 28th. They set a “buy” rating and a $245.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a report on Tuesday, October 29th. Barclays boosted their price target on shares of Coinbase Global from $204.00 to $355.00 and gave the stock an “equal weight” rating in a research note on Monday, December 9th. The Goldman Sachs Group raised their price objective on Coinbase Global from $183.00 to $397.00 and gave the company a “neutral” rating in a research note on Monday, December 2nd. Finally, Mizuho boosted their target price on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Coinbase Global presently has an average rating of “Hold” and a consensus price target of $276.22.

Insider Transactions at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total value of $1,701,000.00. Following the completion of the transaction, the insider now directly owns 74,956 shares in the company, valued at $12,750,015.60. This trade represents a 11.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Alesia J. Haas sold 5,250 shares of Coinbase Global stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $195.25, for a total transaction of $1,025,062.50. Following the transaction, the chief financial officer now directly owns 169,786 shares of the company’s stock, valued at approximately $33,150,716.50. This trade represents a 3.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 270,720 shares of company stock valued at $79,787,248. Corporate insiders own 23.43% of the company’s stock.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $315.31 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The firm’s fifty day simple moving average is $259.81 and its 200 day simple moving average is $225.48. The stock has a market cap of $78.94 billion, a P/E ratio of 53.81 and a beta of 3.57. Coinbase Global, Inc. has a twelve month low of $114.51 and a twelve month high of $349.75.

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

Coinbase Global Company 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.