KLP Kapitalforvaltning AS Purchases New Position in Coinbase Global, Inc. (NASDAQ:COIN)

KLP Kapitalforvaltning AS bought a new position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 65,100 shares of the cryptocurrency exchange's stock, valued at approximately $16,164,000.

Several other large investors have also recently bought and sold shares of COIN. Clear Street Derivatives LLC purchased a new stake in Coinbase Global in the 3rd quarter worth approximately $409,919,000. Proficio Capital Partners LLC raised its holdings in shares of Coinbase Global by 30,664.4% during the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange's stock worth $103,888,000 after acquiring an additional 417,036 shares in the last quarter. Geode Capital Management LLC boosted its position in Coinbase Global by 10.1% during the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange's stock valued at $609,789,000 after purchasing an additional 314,388 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Coinbase Global during the fourth quarter valued at $56,142,000. Finally, Trivest Advisors Ltd purchased a new position in Coinbase Global in the fourth quarter valued at about $54,869,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Frederick Ernest Ehrsam III sold 22,842 shares of the firm's stock in a transaction on Monday, January 6th. The stock was sold at an average price of $281.94, for a total value of $6,440,073.48. Following the completion of the transaction, the director now directly owns 10,417 shares of the company's stock, valued at $2,936,968.98. This trade represents a 68.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Grewal sold 10,978 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 208,034 shares of company stock valued at $57,835,408 over the last three months. 23.43% of the stock is owned by corporate insiders.

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Wall Street Analysts Forecast Growth

COIN has been the subject of several research reports. Needham & Company LLC reiterated a "buy" rating and set a $330.00 price target on shares of Coinbase Global in a report on Thursday, February 13th. HC Wainwright reiterated a "buy" rating and issued a $350.00 target price on shares of Coinbase Global in a research note on Friday, February 21st. Piper Sandler increased their price target on shares of Coinbase Global from $285.00 to $310.00 and gave the stock a "neutral" rating in a research note on Friday, February 14th. Barclays raised their price target on shares of Coinbase Global from $282.00 to $328.00 and gave the company an "equal weight" rating in a report on Friday, February 14th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $305.00 price objective on shares of Coinbase Global in a report on Wednesday. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $314.72.

Coinbase Global Stock Performance

Shares of COIN traded down $11.47 during mid-day trading on Wednesday, hitting $192.76. The company's stock had a trading volume of 4,952,770 shares, compared to its average volume of 9,216,238. The stock's 50-day moving average is $245.27 and its two-hundred day moving average is $242.22. The firm has a market capitalization of $48.94 billion, a PE ratio of 20.29 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, Inc. has a one year low of $146.12 and a one year high of $349.75.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings results 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, sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current 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.