Wedmont Private Capital Purchases New Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Wedmont Private Capital purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,562 shares of the cryptocurrency exchange’s stock, valued at approximately $379,000.

A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Coinbase Global by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 14,281,280 shares of the cryptocurrency exchange’s stock valued at $2,483,800,000 after buying an additional 408,046 shares in the last quarter. Morgan Stanley boosted its position in Coinbase Global by 18.5% during the third 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 in the last quarter. Norges Bank purchased a new stake in Coinbase Global during the fourth quarter worth $202,936,000. Northern Trust Corp boosted its position in Coinbase Global by 4.3% during the third quarter. Northern Trust Corp now owns 897,166 shares of the cryptocurrency exchange’s stock worth $67,359,000 after purchasing an additional 37,019 shares in the last quarter. Finally, a16z Perennial Management L.P. purchased a new stake in Coinbase Global during the fourth quarter worth $147,646,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,257 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $275.60, for a total transaction of $2,826,829.20. Following the completion of the sale, the insider now owns 66,122 shares of the company’s stock, valued at $18,223,223.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Paul Grewal sold 10,257 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $275.60, for a total value of $2,826,829.20. Following the completion of the sale, the insider now owns 66,122 shares of the company’s stock, valued at $18,223,223.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $246.16, for a total value of $369,240.00. Following the completion of the sale, the chief operating officer now directly owns 207,471 shares of the company’s stock, valued at approximately $51,071,061.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 378,158 shares of company stock valued at $86,182,160. Company insiders own 23.43% of the company’s stock.

Coinbase Global Stock Performance

Coinbase Global stock opened at $225.86 on Friday. The firm has a market capitalization of $55.46 billion, a P/E ratio of 45.08 and a beta of 3.44. The stock has a fifty day moving average price of $227.90 and a 200 day moving average price of $198.05. Coinbase Global, Inc. has a 52 week low of $55.10 and a 52 week high of $283.48. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.52.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.61. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.26 billion. Equities research analysts anticipate that Coinbase Global, Inc. will post 5.01 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have commented on COIN. Piper Sandler boosted their target price on Coinbase Global from $225.00 to $245.00 and gave the stock a “neutral” rating in a research report on Friday, April 12th. Keefe, Bruyette & Woods boosted their target price on Coinbase Global from $230.00 to $240.00 and gave the stock a “market perform” rating in a research report on Friday, May 3rd. Oppenheimer boosted their price target on Coinbase Global from $276.00 to $282.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Needham & Company LLC reissued a “buy” rating and issued a $260.00 price target on shares of Coinbase Global in a report on Wednesday, June 5th. Finally, JMP Securities reissued a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a report on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Coinbase Global currently has a consensus rating of “Hold” and a consensus price target of $215.50.

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.