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

Harvest Fund Management Co. Ltd bought a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,787 shares of the cryptocurrency exchange's stock, valued at approximately $443,000.

Several other hedge funds also recently bought and sold shares of COIN. Wellington Management Group LLP boosted its stake in shares of Coinbase Global by 168.2% in the third 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 position in Coinbase Global in the 4th quarter worth approximately $252,000. Virtu Financial LLC bought a new position in Coinbase Global in the 3rd quarter worth approximately $3,866,000. Blueshift Asset Management LLC grew its holdings in Coinbase Global by 916.8% during 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 in the last quarter. Finally, Savant Capital LLC bought a new stake in shares of Coinbase Global during the fourth quarter valued at approximately $591,000. Institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Performance

NASDAQ:COIN traded up $1.19 during trading hours on Tuesday, hitting $204.23. 7,851,783 shares of the company were exchanged, compared to its average volume of 9,638,225. 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 52-week low of $146.12 and a 52-week high of $349.75. The stock has a market capitalization of $51.85 billion, a price-to-earnings ratio of 21.50 and a beta of 3.66. The company's 50 day moving average price is $245.27 and its 200-day moving average price is $242.22.

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Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. As a group, research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on COIN. Mizuho dropped their target price on shares of Coinbase Global from $280.00 to $217.00 and set a "neutral" rating for the company in a research report on Tuesday, March 11th. Bank of America dropped their price objective on shares of Coinbase Global from $363.00 to $311.00 and set a "neutral" rating for the company in a report on Tuesday, February 25th. Piper Sandler lifted their target price on Coinbase Global from $285.00 to $310.00 and gave the stock a "neutral" rating in a report on Friday, February 14th. The Goldman Sachs Group started coverage on Coinbase Global in a research note on Thursday, March 20th. They set a "neutral" rating and a $195.00 price target for the company. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $350.00 price objective on shares of Coinbase Global in a research note on Friday, February 21st. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $314.72.

Insider Activity

In related news, Director Frederick Ernest Ehrsam III sold 25,194 shares of Coinbase Global stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $298.95, for a total transaction of $7,531,746.30. Following the completion of the transaction, the director now directly owns 10,417 shares in the company, valued at approximately $3,114,162.15. This trade represents a 70.75 % 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 this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of the business's 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 directly owns 526 shares of the company's stock, valued at $137,322.82. The trade was a 97.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 208,034 shares of company stock valued at $57,835,408. Company insiders own 23.43% of the company's stock.

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.