Harvest Fund Management Co. Ltd Takes $443,000 Position in Coinbase Global, Inc. (NASDAQ:COIN)

Harvest Fund Management Co. Ltd purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,787 shares of the cryptocurrency exchange’s stock, valued at approximately $443,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wellington Management Group LLP grew its stake in Coinbase Global by 168.2% in the 3rd quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock valued at $4,648,000 after buying an additional 16,363 shares during the last quarter. McElhenny Sheffield Capital Management LLC acquired a new position in Coinbase Global in the 4th quarter valued at about $252,000. Virtu Financial LLC acquired a new position in Coinbase Global in the 3rd quarter valued at about $3,866,000. Blueshift Asset Management LLC grew its stake in Coinbase Global by 916.8% in the 3rd 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 last quarter. Finally, Savant Capital LLC acquired a new position in Coinbase Global in the 4th quarter valued at about $591,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on COIN shares. Needham & Company LLC reiterated a “buy” rating and issued a $330.00 price target on shares of Coinbase Global in a research note on Thursday, February 13th. Barclays increased their target price on shares of Coinbase Global from $282.00 to $328.00 and gave the stock an “equal weight” rating in a research report on Friday, February 14th. Piper Sandler increased their target price on shares of Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. JMP Securities increased their target price on shares of Coinbase Global from $400.00 to $475.00 and gave the stock a “market outperform” rating in a research report on Friday, February 14th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Coinbase Global from $255.00 to $305.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 18th. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $314.72.

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at $137,322.82. This represents a 97.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Grewal sold 10,978 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total transaction of $2,326,567.54. Following the completion of the transaction, the insider now directly owns 83,313 shares of the company’s stock, valued at approximately $17,656,524.09. The trade was a 11.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 219,455 shares of company stock valued at $60,955,968 in the last quarter. Insiders own 23.43% of the company’s stock.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $189.86 on Friday. The company has a market cap of $48.20 billion, a price-to-earnings ratio of 19.99 and a beta of 3.66. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. The firm has a 50 day simple moving average of $247.26 and a 200 day simple moving average of $240.47. Coinbase Global, Inc. has a one year low of $146.12 and a one year high of $349.75.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS 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%. Research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

About Coinbase Global

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.