Ninepoint Partners LP Has $2.47 Million Position in Coinbase Global, Inc. (NASDAQ:COIN)

Ninepoint Partners LP cut its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 31.0% during the second quarter, HoldingsChannel.com reports. The firm owned 11,110 shares of the cryptocurrency exchange’s stock after selling 5,000 shares during the period. Coinbase Global makes up about 0.2% of Ninepoint Partners LP’s portfolio, making the stock its 25th largest holding. Ninepoint Partners LP’s holdings in Coinbase Global were worth $2,469,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in COIN. Salem Investment Counselors Inc. grew its stake in shares of Coinbase Global by 162.9% in the 1st quarter. Salem Investment Counselors Inc. now owns 184 shares of the cryptocurrency exchange’s stock valued at $49,000 after buying an additional 114 shares in the last quarter. Intech Investment Management LLC increased its stake in shares of Coinbase Global by 454.3% during the 1st quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock worth $10,752,000 after purchasing an additional 33,240 shares during the last quarter. Paragon Capital Management Ltd increased its stake in shares of Coinbase Global by 58.6% during the 1st quarter. Paragon Capital Management Ltd now owns 231,660 shares of the cryptocurrency exchange’s stock worth $61,418,000 after purchasing an additional 85,573 shares during the last quarter. QRG Capital Management Inc. raised its holdings in shares of Coinbase Global by 130.5% during the 2nd quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock valued at $2,156,000 after purchasing an additional 5,493 shares in the last quarter. Finally, Edgestream Partners L.P. lifted its stake in shares of Coinbase Global by 93.5% in the 1st quarter. Edgestream Partners L.P. now owns 14,793 shares of the cryptocurrency exchange’s stock valued at $3,922,000 after purchasing an additional 7,148 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Coinbase Global

In other Coinbase Global news, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $162.24, for a total transaction of $243,360.00. Following the completion of the transaction, the chief operating officer now owns 187,601 shares in the company, valued at $30,436,386.24. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $235.75, for a total transaction of $2,357,500.00. Following the completion of the sale, the insider now owns 71,195 shares in the company, valued at approximately $16,784,221.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $162.24, for a total transaction of $243,360.00. Following the completion of the transaction, the chief operating officer now owns 187,601 shares in the company, valued at $30,436,386.24. The disclosure for this sale can be found here. Insiders have sold a total of 100,062 shares of company stock valued at $20,584,974 over the last quarter. 23.43% of the stock is owned by company insiders.

Analysts Set New Price Targets

COIN has been the topic of several recent research reports. Barclays upgraded Coinbase Global from an “underweight” rating to an “equal weight” rating and cut their target price for the company from $206.00 to $169.00 in a report on Friday, September 6th. The Goldman Sachs Group cut their price objective on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research report on Friday, August 2nd. Citigroup raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and lifted their price target for the company from $260.00 to $345.00 in a research report on Tuesday, July 23rd. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $246.06.

Coinbase Global Stock Performance

COIN opened at $191.23 on Friday. The stock’s 50 day simple moving average is $191.76 and its 200-day simple moving average is $219.31. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. The stock has a market cap of $47.52 billion, a PE ratio of 38.17 and a beta of 3.36. Coinbase Global, Inc. has a 1 year low of $70.41 and a 1 year high of $283.48.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.93). Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the firm earned ($0.42) EPS. The company’s quarterly revenue was up 104.8% compared to the same quarter last year. Sell-side analysts forecast that Coinbase Global, Inc. will post 3.96 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.