Welch Group LLC Makes New $256,000 Investment in Coinbase Global, Inc. (NASDAQ:COIN)

Welch Group LLC acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,000 shares of the cryptocurrency exchange’s stock, valued at approximately $256,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Clear Street Derivatives LLC acquired a new position in Coinbase Global in the 3rd quarter valued at $409,919,000. Geode Capital Management LLC increased its stake in shares of Coinbase Global by 10.1% during the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after acquiring an additional 314,388 shares during the period. Azora Capital LP raised its holdings in Coinbase Global by 214.1% during the third quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock worth $57,525,000 after purchasing an additional 220,078 shares in the last quarter. Holocene Advisors LP acquired a new position in Coinbase Global during the third quarter worth $38,535,000. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new position in Coinbase Global in the third quarter worth $29,756,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Frederick Ernest Ehrsam III sold 10,216 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $310.14, for a total value of $3,168,390.24. Following the transaction, the director now owns 10,417 shares of the company’s stock, valued at approximately $3,230,728.38. This trade represents a 49.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Lawrence J. Brock sold 4,635 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $250.00, for a total value of $1,158,750.00. Following the transaction, the insider now directly owns 18,525 shares in the company, valued at $4,631,250. This trade represents a 20.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 376,205 shares of company stock valued at $112,487,737 in the last 90 days. 23.43% of the stock is currently owned by insiders.

Analyst Ratings Changes

COIN has been the topic of a number of recent analyst reports. Piper Sandler upped their price target on shares of Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 7th. The Goldman Sachs Group lowered their target price on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research report on Thursday, October 31st. Barclays upped their price target on Coinbase Global from $204.00 to $355.00 and gave the stock an “equal weight” rating in a report on Monday, December 9th. Finally, B. Riley initiated coverage on Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price objective for the company. Nine research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $289.06.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $284.41 on Tuesday. The company has a market cap of $71.20 billion, a P/E ratio of 48.53 and a beta of 3.61. The business has a fifty day simple moving average of $287.44 and a 200-day simple moving average of $236.16. Coinbase Global, Inc. has a 52 week low of $114.51 and a 52 week high of $349.75. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

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.