Dark Forest Capital Management LP Takes $4.40 Million Position in Coinbase Global, Inc. (NASDAQ:COIN)

Dark Forest Capital Management LP acquired a new position in Coinbase Global, Inc. (NASDAQ:COIN) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 17,726 shares of the cryptocurrency exchange’s stock, valued at approximately $4,401,000. Coinbase Global accounts for approximately 0.6% of Dark Forest Capital Management LP’s portfolio, making the stock its 11th largest holding.

Other hedge funds have also recently bought and sold shares of the company. Virtu Financial LLC acquired a new position in Coinbase Global during the 3rd quarter worth $3,866,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Coinbase Global during the third quarter valued at about $94,000. Principal Financial Group Inc. lifted its holdings in Coinbase Global by 219.2% in the third quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock worth $9,558,000 after purchasing an additional 36,843 shares during the period. Versant Capital Management Inc grew its position in Coinbase Global by 106.9% in the 4th quarter. Versant Capital Management Inc now owns 298 shares of the cryptocurrency exchange’s stock valued at $74,000 after buying an additional 154 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Coinbase Global by 25.9% during the 4th quarter. GAMMA Investing LLC now owns 1,039 shares of the cryptocurrency exchange’s stock valued at $258,000 after buying an additional 214 shares during the period. 68.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Barclays reduced their price target on shares of Coinbase Global from $328.00 to $169.00 and set an “equal weight” rating for the company in a research note on Monday, April 7th. Canaccord Genuity Group upped their target price on Coinbase Global from $280.00 to $400.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Monness Crespi & Hardt set a $420.00 price target on Coinbase Global in a research report on Tuesday, February 18th. Keefe, Bruyette & Woods upped their price objective on Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a report on Tuesday, February 18th. Finally, Piper Sandler lifted their target price on Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Seven equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Coinbase Global has an average rating of “Moderate Buy” and a consensus target price of $297.95.

Insider Buying and Selling at Coinbase Global

In related news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $275.26, for a total transaction of $6,881,500.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at approximately $144,786.76. This trade represents a 97.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 10,216 shares of the business’s stock in a transaction dated 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 completion of the transaction, the director now owns 10,417 shares in the company, valued at $3,230,728.38. This trade represents a 49.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 141,611 shares of company stock valued at $34,376,005 in the last 90 days. 23.43% of the stock is currently owned by corporate insiders.

Coinbase Global Trading Up 8.6 %

Coinbase Global stock opened at $190.00 on Wednesday. The company has a 50 day moving average price of $196.01 and a 200 day moving average price of $242.14. 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 52 week low of $142.58 and a 52 week high of $349.75. The firm has a market capitalization of $48.24 billion, a price-to-earnings ratio of 20.00 and a beta of 3.65.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, topping the consensus estimate of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. Research analysts forecast 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.