Assenagon Asset Management S.A. reduced its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 16.3% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 3,654 shares of the cryptocurrency exchange’s stock after selling 710 shares during the period. Assenagon Asset Management S.A.’s holdings in Coinbase Global were worth $629,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Mascagni Wealth Management Inc. bought a new stake in shares of Coinbase Global in the 4th quarter worth about $25,000. Copia Wealth Management bought a new stake in shares of Coinbase Global in the 4th quarter worth about $26,000. Atala Financial Inc bought a new stake in shares of Coinbase Global in the 4th quarter worth about $27,000. Mpwm Advisory Solutions LLC bought a new stake in shares of Coinbase Global in the 4th quarter worth about $35,000. Finally, Ameriflex Group Inc. bought a new stake in shares of Coinbase Global in the 4th quarter worth about $37,000. 68.84% of the stock is owned by hedge funds and other institutional investors.
Coinbase Global Stock Performance
COIN opened at $295.29 on Thursday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52. The firm has a fifty day moving average price of $227.26 and a 200 day moving average price of $241.11. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $349.75. The stock has a market cap of $74.97 billion, a P/E ratio of 55.30, a P/E/G ratio of 18.50 and a beta of 3.61.
Analyst Upgrades and Downgrades
Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group restated a “hold” rating and issued a $260.00 target price (up previously from $210.00) on shares of Coinbase Global in a report on Tuesday, May 27th. William Blair assumed coverage on shares of Coinbase Global in a report on Wednesday, June 11th. They issued an “outperform” rating for the company. JMP Securities reiterated a “market outperform” rating and set a $400.00 price objective on shares of Coinbase Global in a research note on Thursday, May 8th. Compass Point upgraded shares of Coinbase Global from a “sell” rating to a “neutral” rating and set a $195.00 price objective for the company in a research note on Monday, May 12th. Finally, Benchmark boosted their target price on shares of Coinbase Global from $252.00 to $301.00 and gave the stock a “buy” rating in a research report on Friday, May 16th. Eleven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $271.88.
Check Out Our Latest Analysis on COIN
Insider Activity at Coinbase Global
In other Coinbase Global news, insider Paul Grewal sold 12,931 shares of the company’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $267.29, for a total transaction of $3,456,326.99. Following the completion of the transaction, the insider now directly owns 84,280 shares in the company, valued at approximately $22,527,201.20. This represents a 13.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Alesia J. Haas sold 7,575 shares of the company’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the transaction, the chief financial officer now owns 114,866 shares of the company’s stock, valued at $22,973,200. This represents a 6.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 228,538 shares of company stock worth $51,299,116 in the last three months. Company insiders own 17.65% of the company’s stock.
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.
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