Cottage Street Advisors LLC Takes $875,000 Position in Coinbase Global, Inc. (NASDAQ:COIN)

Cottage Street Advisors LLC purchased a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 3,523 shares of the cryptocurrency exchange’s stock, valued at approximately $875,000.

Several other hedge funds also recently modified their holdings of COIN. Cerity Partners LLC lifted its holdings in shares of Coinbase Global by 11.0% during the third quarter. Cerity Partners LLC now owns 14,106 shares of the cryptocurrency exchange’s stock valued at $2,513,000 after purchasing an additional 1,393 shares during the last quarter. Swedbank AB lifted its stake in Coinbase Global by 1.6% during the third quarter. Swedbank AB now owns 46,206 shares of the cryptocurrency exchange’s stock valued at $8,233,000 after buying an additional 730 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Coinbase Global by 12.4% in the third quarter. Daiwa Securities Group Inc. now owns 14,464 shares of the cryptocurrency exchange’s stock worth $2,577,000 after buying an additional 1,600 shares during the period. DRW Securities LLC acquired a new position in shares of Coinbase Global in the third quarter worth $355,000. Finally, Brown Brothers Harriman & Co. boosted its position in Coinbase Global by 408.0% during the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after purchasing an additional 204 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $204.23 on Wednesday. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The firm has a 50-day moving average price of $245.27 and a 200 day moving average price of $242.22. The firm has a market capitalization of $51.85 billion, a PE ratio of 21.50 and a beta of 3.66. Coinbase Global, Inc. has a 12-month low of $146.12 and a 12-month high of $349.75.

Coinbase Global (NASDAQ:COIN) last posted 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 anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Activity

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total value of $2,566,900.00. Following the completion of the transaction, the insider now owns 69,407 shares in the company, valued at approximately $17,816,082.83. The trade was a 12.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of the firm’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $261.07, for a total value of $6,526,750.00. Following the completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $137,322.82. This trade represents a 97.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 208,034 shares of company stock worth $57,835,408. Corporate insiders own 23.43% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Mizuho dropped their target price on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $330.00 price objective on shares of Coinbase Global in a research report on Thursday, February 13th. Bank of America dropped their price target on shares of Coinbase Global from $363.00 to $311.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. Barclays boosted their price objective on shares of Coinbase Global from $282.00 to $328.00 and gave the stock an “equal weight” rating in a research note on Friday, February 14th. Finally, Sanford C. Bernstein upgraded shares of Coinbase Global to a “strong-buy” rating in a research note on Tuesday, March 18th. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $314.72.

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.