Allstate Corp Makes New Investment in Coinbase Global, Inc. (NASDAQ:COIN)

Allstate Corp acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,718 shares of the cryptocurrency exchange’s stock, valued at approximately $1,420,000.

Several other large investors have also made changes to their positions in COIN. Brown Brothers Harriman & Co. grew its position in Coinbase Global by 36.2% during the 4th quarter. Brown Brothers Harriman & Co. now owns 346 shares of the cryptocurrency exchange’s stock worth $86,000 after purchasing an additional 92 shares during the period. DnB Asset Management AS grew its holdings in Coinbase Global by 6.2% during the fourth quarter. DnB Asset Management AS now owns 34,310 shares of the cryptocurrency exchange’s stock worth $8,519,000 after acquiring an additional 2,003 shares during the period. Orion Portfolio Solutions LLC raised its position in Coinbase Global by 64.2% during the fourth quarter. Orion Portfolio Solutions LLC now owns 10,023 shares of the cryptocurrency exchange’s stock valued at $2,489,000 after acquiring an additional 3,918 shares in the last quarter. X Square Capital LLC lifted its holdings in Coinbase Global by 84.7% in the fourth quarter. X Square Capital LLC now owns 3,069 shares of the cryptocurrency exchange’s stock valued at $762,000 after acquiring an additional 1,407 shares during the period. Finally, Norges Bank purchased a new stake in Coinbase Global in the 4th quarter worth approximately $536,484,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on COIN shares. HC Wainwright reiterated a “buy” rating and issued a $350.00 target price on shares of Coinbase Global in a research note on Friday, February 21st. Monness Crespi & Hardt set a $420.00 target price on shares of Coinbase Global in a research note on Tuesday, February 18th. Barclays raised their target price on Coinbase Global from $282.00 to $328.00 and gave the company an “equal weight” rating in a research report on Friday, February 14th. Piper Sandler upped their price target on Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $330.00 price objective on shares of Coinbase Global in a report on Thursday, February 13th. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Coinbase Global currently has an average rating of “Moderate Buy” and a consensus price target of $314.72.

Coinbase Global Trading Down 7.8 %

COIN opened at $173.93 on Monday. The firm has a market capitalization of $44.16 billion, a price-to-earnings ratio of 18.31 and a beta of 3.66. The company’s 50 day simple moving average is $239.36 and its two-hundred day simple moving average is $242.83. Coinbase Global, Inc. has a 1-year low of $146.12 and a 1-year high of $349.75. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, topping 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%. Analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Activity

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $256.69, for a total value of $2,566,900.00. Following the transaction, the insider now directly owns 69,407 shares in the company, valued at $17,816,082.83. The trade was a 12.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 5,262 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $300.09, for a total transaction of $1,579,073.58. Following the sale, the director now owns 10,417 shares of the company’s stock, valued at $3,126,037.53. This represents a 33.56 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 225,609 shares of company stock valued at $61,331,908. 23.43% of the stock is currently owned by insiders.

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.