Gladstone Institutional Advisory LLC Increases Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Gladstone Institutional Advisory LLC boosted its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 62.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,537 shares of the cryptocurrency exchange’s stock after purchasing an additional 1,366 shares during the period. Gladstone Institutional Advisory LLC’s holdings in Coinbase Global were worth $878,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of COIN. Clear Street Derivatives LLC acquired a new position in shares of Coinbase Global in the third quarter valued at about $409,919,000. Geode Capital Management LLC increased its holdings in Coinbase Global by 10.1% in the 3rd 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 during the period. Azora Capital LP raised its position in Coinbase Global by 214.1% during the 3rd quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock worth $57,525,000 after buying an additional 220,078 shares during the last quarter. Holocene Advisors LP acquired a new stake in Coinbase Global during the 3rd quarter valued at approximately $38,535,000. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new stake in shares of Coinbase Global in the 3rd quarter valued at $29,756,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Insider Activity

In other news, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at $172,528. This represents a 99.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $298.31, for a total transaction of $447,465.00. Following the completion of the transaction, the chief operating officer now directly owns 177,576 shares in the company, valued at approximately $52,972,696.56. This represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 386,798 shares of company stock worth $114,707,944 over the last quarter. 23.43% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

COIN has been the subject of several recent research reports. Mizuho raised shares of Coinbase Global from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $250.00 to $290.00 in a report on Wednesday, January 29th. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research note on Thursday, October 31st. Keefe, Bruyette & Woods lowered their target price on Coinbase Global from $275.00 to $255.00 and set a “market perform” rating on the stock in a research note on Monday, January 13th. Bank of America lifted their price target on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Finally, Piper Sandler upped their price objective on Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $286.00.

Coinbase Global Stock Performance

COIN opened at $298.11 on Friday. The firm’s fifty day simple moving average is $282.36 and its two-hundred day simple moving average is $237.88. Coinbase Global, Inc. has a 52-week low of $146.12 and a 52-week high of $349.75. The company has a market cap of $74.63 billion, a price-to-earnings ratio of 50.87 and a beta of 3.61. 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 (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. Equities analysts anticipate that Coinbase Global, Inc. will post 4.81 earnings per share for the current fiscal year.

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.