Magnetar Financial LLC Increases Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Magnetar Financial LLC increased its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 50.8% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 20,896 shares of the cryptocurrency exchange’s stock after buying an additional 7,036 shares during the quarter. Magnetar Financial LLC’s holdings in Coinbase Global were worth $5,188,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Banco Santander S.A. grew its position in shares of Coinbase Global by 12.7% during the 3rd quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock valued at $26,531,000 after acquiring an additional 16,737 shares during the period. Wellington Management Group LLP lifted its stake in Coinbase Global by 168.2% in the third quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock valued at $4,648,000 after purchasing an additional 16,363 shares during the last quarter. McElhenny Sheffield Capital Management LLC bought a new position in Coinbase Global during the fourth quarter valued at $252,000. Virtu Financial LLC purchased a new stake in Coinbase Global in the third quarter worth $3,866,000. Finally, Blueshift Asset Management LLC raised its stake in shares of Coinbase Global by 916.8% in the third quarter. Blueshift Asset Management LLC now owns 18,852 shares of the cryptocurrency exchange’s stock valued at $3,359,000 after buying an additional 16,998 shares during the period. Institutional investors own 68.84% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $330.00 price objective on shares of Coinbase Global in a report on Thursday, February 13th. Oppenheimer reiterated an “outperform” rating on shares of Coinbase Global in a research note on Monday, February 10th. Monness Crespi & Hardt set a $420.00 price target on shares of Coinbase Global in a research note on Tuesday, February 18th. Canaccord Genuity Group lifted their price objective on shares of Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, JMP Securities increased their target price on Coinbase Global from $400.00 to $475.00 and gave the stock a “market outperform” rating in a research report on Friday, February 14th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Coinbase Global currently has a consensus rating of “Moderate Buy” and an average price target of $322.78.

Insider Transactions at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 11,421 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $273.23, for a total value of $3,120,559.83. Following the completion of the sale, the director now directly owns 10,417 shares of the company’s stock, valued at $2,846,236.91. The trade was a 52.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $256.69, for a total value of $2,566,900.00. Following the transaction, the insider now directly owns 69,407 shares in the company, valued at $17,816,082.83. This trade represents a 12.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 219,455 shares of company stock worth $60,955,968. 23.43% of the stock is currently owned by corporate insiders.

Coinbase Global Trading Up 4.8 %

Shares of COIN opened at $189.75 on Thursday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. Coinbase Global, Inc. has a 1-year low of $146.12 and a 1-year high of $349.75. The company has a market capitalization of $48.17 billion, a P/E ratio of 19.97 and a beta of 3.66. The firm’s 50 day simple moving average is $250.03 and its 200 day simple moving average is $240.77.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. Sell-side analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share 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.