BluePointe Capital Management LLC Trims Stock Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

BluePointe Capital Management LLC reduced its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 14.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,576 shares of the cryptocurrency exchange’s stock after selling 428 shares during the period. BluePointe Capital Management LLC’s holdings in Coinbase Global were worth $640,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in COIN. Geode Capital Management LLC grew its stake in 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 valued at $609,789,000 after acquiring an additional 314,388 shares in the last quarter. Clear Street Derivatives LLC purchased a new position in shares of Coinbase Global during the 3rd quarter valued at $409,919,000. Charles Schwab Investment Management Inc. increased its holdings 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 purchasing an additional 15,954 shares during the period. 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. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $189.75 on Thursday. The firm’s 50 day moving average price is $250.03 and its 200-day moving average price is $240.77. The stock has a market capitalization of $48.17 billion, a PE ratio of 19.97 and a beta of 3.66. Coinbase Global, Inc. has a twelve month low of $146.12 and a twelve month high of $349.75. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data 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%. Equities research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Barclays upped their target price on Coinbase Global from $282.00 to $328.00 and gave the stock an “equal weight” rating in a research note on Friday, February 14th. Piper Sandler raised their target price on shares of Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. Sanford C. Bernstein assumed coverage on Coinbase Global in a research note on Monday. They set an “outperform” rating and a $310.00 price target for the company. Canaccord Genuity Group upped their price objective on shares of Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, The Goldman Sachs Group cut their price target on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $322.78.

Insider Transactions at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 5,262 shares of the 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 completion of the transaction, the director now directly owns 10,417 shares of the company’s stock, valued at approximately $3,126,037.53. This represents a 33.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total value of $2,566,900.00. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 219,455 shares of company stock valued at $60,955,968 over the last three months. Corporate insiders own 23.43% of the company’s stock.

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.