Pier 88 Investment Partners LLC Buys Shares of 4,210 Coinbase Global, Inc. (NASDAQ:COIN)

Pier 88 Investment Partners LLC purchased a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,210 shares of the cryptocurrency exchange’s stock, valued at approximately $1,045,000.

Several other hedge funds have also recently modified their holdings of COIN. Wellington Management Group LLP lifted its stake in shares of Coinbase Global by 168.2% in the 3rd quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock worth $4,648,000 after acquiring an additional 16,363 shares during the period. McElhenny Sheffield Capital Management LLC purchased a new stake in Coinbase Global in the 4th quarter valued at approximately $252,000. Virtu Financial LLC acquired a new position in Coinbase Global during the 3rd quarter worth approximately $3,866,000. Savant Capital LLC purchased a new position in shares of Coinbase Global during the 4th quarter worth approximately $591,000. Finally, XTX Topco Ltd lifted its holdings in shares of Coinbase Global by 818.2% in the 3rd quarter. XTX Topco Ltd now owns 13,167 shares of the cryptocurrency exchange’s stock valued at $2,346,000 after buying an additional 11,733 shares during the period. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Stock Performance

Shares of COIN opened at $173.93 on Monday. Coinbase Global, Inc. has a 1 year low of $146.12 and a 1 year high of $349.75. The company’s 50 day simple moving average is $239.36 and its 200 day simple moving average is $242.83. The company has a market capitalization of $44.16 billion, a price-to-earnings ratio of 18.31 and a beta of 3.66. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28.

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

Insider Buying and Selling at Coinbase Global

In related news, CFO Alesia J. Haas sold 7,575 shares of Coinbase Global stock in a transaction on Monday, March 24th. The stock was sold at an average price of $200.00, for a total value of $1,515,000.00. Following the transaction, the chief financial officer now owns 114,866 shares in the company, valued at approximately $22,973,200. This trade represents a 6.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 69,407 shares of the company’s stock, valued at $17,816,082.83. This represents a 12.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 225,609 shares of company stock worth $61,331,908 in the last 90 days. 23.43% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Monness Crespi & Hardt set a $420.00 price objective on Coinbase Global in a report on Tuesday, February 18th. Keefe, Bruyette & Woods raised their price objective on shares of Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a research note on Tuesday, February 18th. JMP Securities upped 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. The Goldman Sachs Group initiated coverage on shares of Coinbase Global in a research report on Thursday, March 20th. They set a “neutral” rating and a $195.00 price target for the company. Finally, Piper Sandler upped their price target on Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Coinbase Global presently has a consensus rating of “Moderate Buy” and an average target price of $314.72.

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.