abrdn plc Takes $351,000 Position in Coinbase Global, Inc. (NASDAQ:COIN)

abrdn plc purchased a new position in Coinbase Global, Inc. (NASDAQ:COIN) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,020 shares of the cryptocurrency exchange’s stock, valued at approximately $351,000.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Coinbase Global by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 13,873,234 shares of the cryptocurrency exchange’s stock worth $1,041,602,000 after purchasing an additional 176,525 shares in the last quarter. Morgan Stanley grew its holdings in shares of Coinbase Global by 18.5% in the third quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock worth $246,250,000 after acquiring an additional 511,397 shares during the period. Northern Trust Corp increased its position in Coinbase Global by 4.3% during the third quarter. Northern Trust Corp now owns 897,166 shares of the cryptocurrency exchange’s stock valued at $67,359,000 after acquiring an additional 37,019 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Coinbase Global by 142.3% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 733,180 shares of the cryptocurrency exchange’s stock valued at $55,047,000 after acquiring an additional 430,546 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Coinbase Global by 3.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 618,842 shares of the cryptocurrency exchange’s stock worth $46,463,000 after purchasing an additional 20,296 shares during the last quarter. Institutional investors own 68.84% of the company’s stock.

Analyst Upgrades and Downgrades

COIN has been the topic of several recent research reports. Wedbush increased their price objective on shares of Coinbase Global from $180.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th. Canaccord Genuity Group reiterated a “buy” rating and set a $240.00 price target on shares of Coinbase Global in a research note on Thursday, March 28th. Sanford C. Bernstein boosted their price objective on shares of Coinbase Global from $80.00 to $200.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Bank of America raised their target price on Coinbase Global from $92.00 to $110.00 and gave the stock an “underperform” rating in a report on Wednesday, April 10th. Finally, Needham & Company LLC boosted their price target on Coinbase Global from $160.00 to $180.00 and gave the company a “buy” rating in a report on Monday, January 8th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $167.81.

Insider Activity at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 42,113 shares of Coinbase Global stock in a transaction on Monday, February 26th. The shares were sold at an average price of $190.34, for a total value of $8,015,788.42. Following the completion of the transaction, the insider now directly owns 66,122 shares of the company’s stock, valued at approximately $12,585,661.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Paul Grewal sold 42,113 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $190.34, for a total transaction of $8,015,788.42. Following the transaction, the insider now owns 66,122 shares of the company’s stock, valued at approximately $12,585,661.48. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 16,380 shares of the stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $232.37, for a total transaction of $3,806,220.60. Following the completion of the sale, the director now directly owns 4,662 shares in the company, valued at approximately $1,083,308.94. The disclosure for this sale can be found here. Insiders have sold a total of 442,872 shares of company stock valued at $88,800,855 over the last 90 days. 33.16% of the stock is owned by corporate insiders.

Coinbase Global Trading Down 6.5 %

Shares of COIN stock opened at $203.93 on Wednesday. The stock’s 50-day moving average price is $233.11 and its 200-day moving average price is $163.99. Coinbase Global, Inc. has a 12-month low of $46.43 and a 12-month high of $283.48. The stock has a market capitalization of $49.41 billion, a price-to-earnings ratio of 755.30 and a beta of 3.41. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.47.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $1.13. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. The business had revenue of $953.80 million for the quarter, compared to the consensus estimate of $826.10 million. During the same quarter in the previous year, the company posted ($2.46) EPS. The company’s revenue was up 51.6% compared to the same quarter last year. Equities research analysts predict that Coinbase Global, Inc. will post 2.43 EPS for the current fiscal year.

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.