Geode Capital Management LLC Acquires 314,388 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Geode Capital Management LLC raised its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 10.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,425,619 shares of the cryptocurrency exchange's stock after acquiring an additional 314,388 shares during the period. Geode Capital Management LLC owned about 1.37% of Coinbase Global worth $609,789,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. RPg Family Wealth Advisory LLC acquired a new stake in shares of Coinbase Global during the third quarter valued at about $25,000. Crewe Advisors LLC increased its position in Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange's stock valued at $27,000 after acquiring an additional 104 shares during the period. ORG Wealth Partners LLC bought a new position in shares of Coinbase Global during the third quarter valued at $32,000. Spirit of America Management Corp NY acquired a new position in shares of Coinbase Global during the second quarter worth $33,000. Finally, Continuum Advisory LLC grew its stake in shares of Coinbase Global by 3,000.0% in the second quarter. Continuum Advisory LLC now owns 155 shares of the cryptocurrency exchange's stock worth $34,000 after purchasing an additional 150 shares during the last quarter. Institutional investors own 68.84% of the company's stock.

Insider Activity at Coinbase Global

In other news, CAO Jennifer N. Jones sold 1,837 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $295.02, for a total value of $541,951.74. Following the completion of the sale, the chief accounting officer now owns 1,160 shares in the company, valued at $342,223.20. This represents a 61.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the firm's stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total transaction of $1,701,000.00. Following the transaction, the insider now directly owns 74,956 shares in the company, valued at $12,750,015.60. The trade was a 11.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 270,720 shares of company stock valued at $79,787,248. 23.43% of the stock is owned by corporate insiders.

Coinbase Global Stock Down 0.8 %

Shares of NASDAQ COIN traded down $2.38 during midday trading on Friday, hitting $310.58. 5,806,783 shares of the stock traded hands, compared to its average volume of 11,259,770. Coinbase Global, Inc. has a one year low of $114.51 and a one year high of $349.75. The business has a 50 day moving average price of $256.88 and a two-hundred day moving average price of $225.14. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market cap of $77.75 billion, a PE ratio of 53.00 and a beta of 3.57.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business's quarterly revenue was up 78.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.01) EPS. On average, equities analysts predict that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have commented on COIN shares. B. Riley started coverage on Coinbase Global in a report on Wednesday, October 23rd. They set a "neutral" rating and a $185.00 target price on the stock. JMP Securities reaffirmed a "market outperform" rating and issued a $320.00 price objective on shares of Coinbase Global in a research note on Wednesday, October 9th. Needham & Company LLC increased their target price on shares of Coinbase Global from $375.00 to $420.00 and gave the company a "buy" rating in a research report on Monday. Canaccord Genuity Group restated a "buy" rating and set a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. Finally, Monness Crespi & Hardt initiated coverage on shares of Coinbase Global in a research note on Monday, October 28th. They issued a "buy" rating and a $245.00 price objective on the stock. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $276.22.

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.