Magnetar Financial LLC Buys 7,036 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Magnetar Financial LLC boosted its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 50.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,896 shares of the cryptocurrency exchange's stock after buying an additional 7,036 shares during the period. Magnetar Financial LLC's holdings in Coinbase Global were worth $5,188,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in COIN. Clear Street Derivatives LLC bought a new position in shares of Coinbase Global during the third quarter valued at $409,919,000. Proficio Capital Partners LLC grew its position in Coinbase Global by 30,664.4% during the 4th quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange's stock valued at $103,888,000 after purchasing an additional 417,036 shares during the last quarter. Geode Capital Management LLC increased its stake in Coinbase Global by 10.1% during the 3rd 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Coinbase Global in the fourth quarter worth about $56,142,000. Finally, Trivest Advisors Ltd bought a new position in shares of Coinbase Global in the fourth quarter worth approximately $54,869,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on COIN. HC Wainwright reissued a "buy" rating and set a $350.00 price target on shares of Coinbase Global in a research report on Friday, February 21st. Canaccord Genuity Group lifted their target price on Coinbase Global from $280.00 to $400.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Oppenheimer reaffirmed an "outperform" rating on shares of Coinbase Global in a report on Monday, February 10th. Needham & Company LLC reaffirmed a "buy" rating and set a $330.00 price objective on shares of Coinbase Global in a research report on Thursday, February 13th. Finally, Rosenblatt Securities began coverage on Coinbase Global in a research report on Friday, March 7th. They issued a "buy" rating and a $305.00 target price for the company. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $314.72.

Remove Ads

Coinbase Global Stock Performance

Shares of COIN stock traded up $13.18 during mid-day trading on Monday, reaching $203.04. 9,458,351 shares of the company's stock traded hands, compared to its average volume of 9,666,954. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The firm has a market capitalization of $51.55 billion, a PE ratio of 21.37 and a beta of 3.66. Coinbase Global, Inc. has a 12 month low of $146.12 and a 12 month high of $349.75. The firm has a 50 day moving average price of $246.30 and a two-hundred day moving average price of $241.82.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, beating 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, research analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the transaction, the insider now owns 69,407 shares in the company, valued at approximately $17,816,082.83. The trade was a 12.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $261.07, for a total value of $6,526,750.00. Following the completion of the sale, the chief executive officer now owns 526 shares of the company's stock, valued at $137,322.82. The trade was a 97.94 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 208,034 shares of company stock worth $57,835,408. 23.43% of the stock is owned by company insiders.

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.