Allen Operations LLC Buys New Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Allen Operations LLC acquired a new position in Coinbase Global, Inc. (NASDAQ:COIN) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 790 shares of the cryptocurrency exchange’s stock, valued at approximately $209,000.

A number of other large investors have also modified their holdings of COIN. Norges Bank acquired a new position in shares of Coinbase Global in the fourth quarter worth about $202,936,000. a16z Perennial Management L.P. acquired a new position in shares of Coinbase Global during the 4th quarter worth about $147,646,000. Morgan Stanley raised its position in shares of Coinbase Global by 18.5% during the 3rd quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock worth $246,250,000 after purchasing an additional 511,397 shares during the last quarter. Hamilton Lane Advisors LLC acquired a new position in shares of Coinbase Global during the 4th quarter worth about $88,015,000. Finally, APEIRON CAPITAL Ltd acquired a new position in shares of Coinbase Global during the 1st quarter worth about $108,434,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Analyst Upgrades and Downgrades

COIN has been the subject of several research analyst reports. Keefe, Bruyette & Woods upped their price target on shares of Coinbase Global from $230.00 to $240.00 and gave the stock a “market perform” rating in a research report on Friday, May 3rd. Wedbush increased their price objective on shares of Coinbase Global from $200.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. JPMorgan Chase & Co. increased their price objective on shares of Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Singular Research reiterated a “buy” rating on shares of Coinbase Global in a report on Wednesday, May 8th. Finally, Piper Sandler raised their price target on shares of Coinbase Global from $225.00 to $245.00 and gave the stock a “neutral” rating in a report on Friday, April 12th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $220.65.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $238.26, for a total value of $5,497,849.50. Following the completion of the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $125,324.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Coinbase Global news, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $238.26, for a total value of $5,497,849.50. Following the completion of the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $125,324.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $195.90, for a total transaction of $293,850.00. Following the completion of the transaction, the chief operating officer now directly owns 204,436 shares of the company’s stock, valued at approximately $40,049,012.40. The disclosure for this sale can be found here. Insiders sold 314,136 shares of company stock valued at $68,855,464 in the last 90 days. Company insiders own 23.43% of the company’s stock.

Coinbase Global Trading Up 1.6 %

Shares of NASDAQ:COIN traded up $3.39 during mid-day trading on Friday, reaching $218.02. 4,949,046 shares of the company were exchanged, compared to its average volume of 6,415,108. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market cap of $53.54 billion, a price-to-earnings ratio of 43.52 and a beta of 3.40. The firm’s 50-day simple moving average is $227.63 and its 200 day simple moving average is $205.85. Coinbase Global, Inc. has a 1 year low of $69.63 and a 1 year high of $283.48.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.61. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Equities research analysts forecast that Coinbase Global, Inc. will post 5 EPS for the current year.

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.