Ninepoint Partners LP Lowers Stock Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Ninepoint Partners LP reduced its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 4.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,610 shares of the cryptocurrency exchange’s stock after selling 500 shares during the period. Coinbase Global comprises about 0.4% of Ninepoint Partners LP’s holdings, making the stock its 25th largest holding. Ninepoint Partners LP’s holdings in Coinbase Global were worth $2,634,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of COIN. Principal Financial Group Inc. boosted its position in shares of Coinbase Global by 219.2% during the third quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock worth $9,558,000 after buying an additional 36,843 shares during the period. Assetmark Inc. boosted its position in shares of Coinbase Global by 76.6% during the third quarter. Assetmark Inc. now owns 2,879 shares of the cryptocurrency exchange’s stock worth $513,000 after buying an additional 1,249 shares during the period. Crossmark Global Holdings Inc. boosted its holdings in Coinbase Global by 12.6% in the third quarter. Crossmark Global Holdings Inc. now owns 1,548 shares of the cryptocurrency exchange’s stock valued at $276,000 after purchasing an additional 173 shares during the period. Los Angeles Capital Management LLC boosted its holdings in Coinbase Global by 8.0% in the third quarter. Los Angeles Capital Management LLC now owns 1,486 shares of the cryptocurrency exchange’s stock valued at $265,000 after purchasing an additional 110 shares during the period. Finally, Prime Capital Investment Advisors LLC boosted its holdings in Coinbase Global by 8.9% in the third quarter. Prime Capital Investment Advisors LLC now owns 1,307 shares of the cryptocurrency exchange’s stock valued at $233,000 after purchasing an additional 107 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Frederick Ernest Ehrsam III sold 11,421 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $2,846,236.91. This trade represents a 52.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Paul Grewal sold 10,978 shares of Coinbase Global stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total value of $2,326,567.54. Following the completion of the sale, the insider now directly owns 83,313 shares in the company, valued at $17,656,524.09. This 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 valued at $60,955,968 over the last quarter. 23.43% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

COIN has been the subject of a number of recent research reports. HC Wainwright reiterated a “buy” rating and issued a $350.00 target price on shares of Coinbase Global in a report on Friday, February 21st. JMP Securities lifted their target price on Coinbase Global from $400.00 to $475.00 and gave the company a “market outperform” rating in a report on Friday, February 14th. Oppenheimer reiterated an “outperform” rating on shares of Coinbase Global in a report on Monday, February 10th. Piper Sandler lifted their target price on Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Finally, Barclays lifted their target price on Coinbase Global from $282.00 to $328.00 and gave the company an “equal weight” rating in a report on Friday, February 14th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $316.67.

Coinbase Global Stock Up 3.2 %

COIN opened at $183.12 on Friday. The business’s 50-day simple moving average is $255.08 and its 200-day simple moving average is $240.79. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. Coinbase Global, Inc. has a one year low of $146.12 and a one year high of $349.75. The stock has a market capitalization of $46.49 billion, a P/E ratio of 19.28 and a beta of 3.66.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS 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 anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current 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.