Clear Street Derivatives LLC Acquires New Shares in Coinbase Global, Inc. (NASDAQ:COIN)

Clear Street Derivatives LLC bought a new position in Coinbase Global, Inc. (NASDAQ:COIN) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 2,300,720 shares of the cryptocurrency exchange’s stock, valued at approximately $409,919,000. Coinbase Global makes up approximately 6.9% of Clear Street Derivatives LLC’s investment portfolio, making the stock its 2nd largest holding. Clear Street Derivatives LLC owned about 0.92% of Coinbase Global as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Sumitomo Mitsui Trust Group Inc. lifted its position in Coinbase Global by 2.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after purchasing an additional 71,398 shares during the period. Cowen AND Company LLC lifted its holdings in shares of Coinbase Global by 1.5% during the 2nd quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after buying an additional 22,071 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Coinbase Global by 185.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after buying an additional 691,288 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Coinbase Global by 6.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock worth $163,752,000 after acquiring an additional 52,856 shares during the period. Finally, American Century Companies Inc. increased its position in Coinbase Global by 1,136.7% during the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after acquiring an additional 435,886 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on COIN. HC Wainwright restated a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a research note on Tuesday, October 29th. JMP Securities restated a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a research report on Wednesday, October 9th. Compass Point decreased their price target on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Barclays boosted their price objective on shares of Coinbase Global from $175.00 to $204.00 and gave the company an “equal weight” rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC raised their target price on Coinbase Global from $290.00 to $375.00 and gave the stock a “buy” rating in a report on Monday, November 18th. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $255.22.

Insider Activity at Coinbase Global

In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $298.31, for a total transaction of $447,465.00. Following the sale, the chief operating officer now directly owns 177,576 shares of the company’s stock, valued at $52,972,696.56. The trade was a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total value of $1,701,000.00. Following the completion of the sale, the insider now directly owns 74,956 shares of the company’s stock, valued at $12,750,015.60. The trade was a 11.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 237,719 shares of company stock valued at $65,309,711 over the last 90 days. 23.43% of the stock is owned by corporate insiders.

Coinbase Global Trading Down 4.8 %

Shares of COIN stock opened at $296.20 on Monday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $74.15 billion, a price-to-earnings ratio of 50.55 and a beta of 3.34. Coinbase Global, Inc. has a 12-month low of $114.51 and a 12-month high of $341.75. The stock’s 50-day moving average price is $228.17 and its 200-day moving average price is $218.64.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business’s revenue was up 78.8% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.01) EPS. Equities research analysts predict that Coinbase Global, Inc. will post 4.44 EPS for the current fiscal 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.