MGB Wealth Management LLC Purchases New Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

MGB Wealth Management LLC acquired a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 2,972 shares of the cryptocurrency exchange’s stock, valued at approximately $740,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Clarity Capital Partners LLC grew its holdings in Coinbase Global by 1.0% during the 4th quarter. Clarity Capital Partners LLC now owns 16,840 shares of the cryptocurrency exchange’s stock worth $4,181,000 after acquiring an additional 159 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Coinbase Global by 4.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 8,592 shares of the cryptocurrency exchange’s stock worth $2,210,000 after purchasing an additional 356 shares during the last quarter. Gladstone Institutional Advisory LLC grew its stake in Coinbase Global by 62.9% in the fourth quarter. Gladstone Institutional Advisory LLC now owns 3,537 shares of the cryptocurrency exchange’s stock worth $878,000 after purchasing an additional 1,366 shares in the last quarter. Capital Advisors Inc. OK bought a new stake in Coinbase Global in the fourth quarter valued at about $223,000. Finally, Sovran Advisors LLC acquired a new stake in Coinbase Global during the fourth quarter valued at approximately $325,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total value of $2,566,900.00. Following the completion of the sale, the insider now directly owns 69,407 shares in the company, valued at $17,816,082.83. This represents a 12.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $275.26, for a total value of $6,881,500.00. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $144,786.76. This trade represents a 97.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 386,798 shares of company stock worth $114,707,944 in the last 90 days. Corporate insiders own 23.43% of the company’s stock.

Coinbase Global Price Performance

Shares of COIN opened at $274.90 on Thursday. Coinbase Global, Inc. has a one year low of $137.13 and a one year high of $349.75. The stock’s fifty day moving average is $282.81 and its 200-day moving average is $237.46. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $68.82 billion, a price-to-earnings ratio of 46.91 and a beta of 3.61.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on COIN shares. Bank of America lifted their target price on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Oppenheimer decreased their price objective on shares of Coinbase Global from $358.00 to $334.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Needham & Company LLC dropped their target price on shares of Coinbase Global from $420.00 to $330.00 and set a “buy” rating on the stock in a report on Friday, February 7th. HC Wainwright raised their price target on shares of Coinbase Global from $255.00 to $330.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research report on Thursday, October 31st. Nine investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global currently has a consensus rating of “Moderate Buy” and an average target price of $286.00.

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.