Ellevest Inc. Invests $820,000 in Coinbase Global, Inc. $COIN

Ellevest Inc. acquired a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,340 shares of the cryptocurrency exchange’s stock, valued at approximately $820,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Coinbase Global by 4.8% during the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock worth $3,323,084,000 after purchasing an additional 875,359 shares in the last quarter. ARK Investment Management LLC lifted its position in Coinbase Global by 1.1% in the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange’s stock worth $528,592,000 after buying an additional 34,462 shares during the last quarter. Groupama Asset Managment lifted its position in Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after buying an additional 1,500,000 shares during the last quarter. Amundi lifted its position in Coinbase Global by 44.1% in the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock worth $268,850,000 after buying an additional 481,786 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Coinbase Global by 0.6% in the 1st quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange’s stock worth $224,318,000 after buying an additional 7,675 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on COIN shares. Weiss Ratings restated a “hold (c)” rating on shares of Coinbase Global in a research report on Tuesday, October 14th. Jefferies Financial Group restated a “hold” rating and issued a $384.00 target price on shares of Coinbase Global in a research report on Wednesday, October 29th. JPMorgan Chase & Co. lowered their price objective on Coinbase Global from $404.00 to $399.00 and set an “overweight” rating for the company in a research report on Friday, October 31st. Wall Street Zen upgraded Coinbase Global from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Finally, Barclays lowered their price objective on Coinbase Global from $361.00 to $357.00 and set an “equal weight” rating for the company in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $393.98.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 15,439 shares of the business’s stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the transaction, the insider directly owned 82,328 shares of the company’s stock, valued at approximately $25,587,542.40. The trade was a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alesia J. Haas sold 4,675 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $322.24, for a total value of $1,506,472.00. Following the transaction, the chief financial officer directly owned 89,220 shares in the company, valued at $28,750,252.80. This trade represents a 4.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 180,657 shares of company stock valued at $59,552,326 over the last three months. 23.43% of the stock is currently owned by corporate insiders.

Coinbase Global Price Performance

COIN opened at $307.32 on Wednesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.40 and a current ratio of 2.40. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $444.64. The stock has a market capitalization of $78.96 billion, a PE ratio of 26.58 and a beta of 3.67. The stock’s 50 day moving average price is $333.90 and its 200-day moving average price is $309.45.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.40. Coinbase Global had a return on equity of 15.70% and a net margin of 41.99%.The firm had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the previous year, the firm earned $0.28 earnings per share. The business’s revenue was up 55.1% compared to the same quarter last year. On average, equities research analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

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.