Avanza Fonder AB Has $3.05 Million Stock Position in Coinbase Global, Inc. (NASDAQ:COIN)

Avanza Fonder AB decreased its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 0.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,664 shares of the cryptocurrency exchange’s stock after selling 112 shares during the period. Avanza Fonder AB’s holdings in Coinbase Global were worth $3,049,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in COIN. Norges Bank acquired a new position in Coinbase Global during the 4th quarter worth about $536,484,000. Groupama Asset Managment acquired a new position in Coinbase Global during the 4th quarter worth about $372,450,000. Proficio Capital Partners LLC lifted its position in Coinbase Global by 30,664.4% during the 4th 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. Two Sigma Advisers LP raised its holdings in Coinbase Global by 445.4% during the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange’s stock worth $101,431,000 after purchasing an additional 333,600 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Coinbase Global by 1,159.9% during the 4th quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange’s stock worth $81,612,000 after purchasing an additional 302,595 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on COIN shares. The Goldman Sachs Group boosted their price objective on Coinbase Global from $189.00 to $209.00 and gave the stock a “neutral” rating in a report on Monday, May 12th. Bank of America dropped their price objective on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. Mizuho dropped their price objective on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Barclays boosted their price objective on Coinbase Global from $169.00 to $202.00 and gave the stock an “equal weight” rating in a report on Monday, May 12th. Finally, Cantor Fitzgerald started coverage on Coinbase Global in a report on Tuesday, April 8th. They set an “overweight” rating and a $245.00 price objective for the company. Eleven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $266.10.

Coinbase Global Price Performance

NASDAQ COIN opened at $254.94 on Wednesday. The business has a 50 day simple moving average of $215.86 and a 200 day simple moving average of $242.63. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $349.75. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The stock has a market cap of $64.72 billion, a price-to-earnings ratio of 26.84 and a beta of 3.61.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The firm had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same period last year, the company earned $2.53 EPS. The company’s revenue was up 24.2% compared to the same quarter last year. Analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $198.12, for a total transaction of $1,981,200.00. Following the completion of the transaction, the insider now owns 83,313 shares of the company’s stock, valued at $16,505,971.56. This represents a 10.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $247.15, for a total value of $6,178,750.00. Following the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $130,000.90. This trade represents a 97.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 195,717 shares of company stock valued at $42,980,101 in the last quarter. 17.65% of the stock is currently owned by insiders.

About Coinbase Global

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.