Royal London Asset Management Ltd. Raises Position in Coinbase Global, Inc. (NASDAQ:COIN)

Royal London Asset Management Ltd. increased its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 3.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 84,336 shares of the cryptocurrency exchange’s stock after acquiring an additional 2,869 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Coinbase Global were worth $20,941,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Geode Capital Management LLC raised its position in shares of Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after buying an additional 314,388 shares in the last quarter. Clear Street Derivatives LLC purchased a new stake in shares of Coinbase Global in the third quarter worth $409,919,000. Charles Schwab Investment Management Inc. raised its position in shares of Coinbase Global by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 935,032 shares of the cryptocurrency exchange’s stock worth $232,168,000 after buying an additional 15,954 shares in the last quarter. Proficio Capital Partners LLC raised its position in shares of Coinbase Global by 30,664.4% in the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock worth $103,888,000 after buying an additional 417,036 shares in the last quarter. Finally, Ribbit Management Company LLC raised its position in shares of Coinbase Global by 4.7% in the third quarter. Ribbit Management Company LLC now owns 394,100 shares of the cryptocurrency exchange’s stock worth $70,217,000 after buying an additional 17,650 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Down 0.3 %

Shares of NASDAQ:COIN opened at $189.86 on Friday. Coinbase Global, Inc. has a 1 year low of $146.12 and a 1 year high of $349.75. The company has a market cap of $48.20 billion, a PE ratio of 19.99 and a beta of 3.66. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. The stock’s 50-day moving average is $247.26 and its 200 day moving average is $240.47.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. Sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Needham & Company LLC restated a “buy” rating and set a $330.00 price target on shares of Coinbase Global in a research report on Thursday, February 13th. JMP Securities raised their price target on Coinbase Global from $400.00 to $475.00 and gave the company a “market outperform” rating in a research report on Friday, February 14th. Mizuho lowered their price target on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. Canaccord Genuity Group raised their price target on Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, Bank of America lowered their price target on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 25th. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Coinbase Global has a consensus rating of “Moderate Buy” and an average target price of $314.72.

Insider Activity at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 11,421 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $273.23, for a total transaction of $3,120,559.83. Following the transaction, the director now owns 10,417 shares in the company, valued at approximately $2,846,236.91. This represents a 52.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Grewal sold 10,978 shares of the company’s 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 owns 83,313 shares in the company, valued at $17,656,524.09. This trade represents a 11.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 219,455 shares of company stock worth $60,955,968 in the last 90 days. Company insiders own 23.43% of the company’s stock.

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.