IFM Investors Pty Ltd Boosts Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

IFM Investors Pty Ltd grew its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 33.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,962 shares of the cryptocurrency exchange’s stock after purchasing an additional 1,485 shares during the period. IFM Investors Pty Ltd’s holdings in Coinbase Global were worth $1,132,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of COIN. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Coinbase Global in the fourth quarter worth approximately $25,000. Wagner Wealth Management LLC acquired a new stake in shares of Coinbase Global in the fourth quarter worth approximately $27,000. Cornerstone Advisory LLC acquired a new stake in shares of Coinbase Global in the fourth quarter worth approximately $27,000. Creative Financial Designs Inc. ADV acquired a new stake in shares of Coinbase Global in the first quarter worth approximately $28,000. Finally, Trustcore Financial Services LLC boosted its position in shares of Coinbase Global by 504.8% in the fourth quarter. Trustcore Financial Services LLC now owns 127 shares of the cryptocurrency exchange’s stock worth $32,000 after acquiring an additional 106 shares during the last quarter. 39.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on COIN. Redburn Partners cut shares of Coinbase Global from a “buy” rating to a “neutral” rating in a research report on Thursday, June 23rd. Piper Sandler reduced their price target on shares of Coinbase Global from $180.00 to $120.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 15th. Moffett Nathanson reduced their price target on shares of Coinbase Global from $600.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, May 24th. Citigroup reduced their price target on shares of Coinbase Global from $115.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Cowen initiated coverage on shares of Coinbase Global in a research report on Thursday, May 26th. They set an “outperform” rating on the stock. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $181.62.

Insider Activity

In other news, Director Frederick Ernest Ehrsam III purchased 706,554 shares of Coinbase Global stock in a transaction dated Friday, May 13th. The stock was bought at an average price of $70.77 per share, with a total value of $50,002,826.58. Following the completion of the acquisition, the director now owns 706,554 shares in the company, valued at approximately $50,002,826.58. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Frederick Ernest Ehrsam III acquired 706,554 shares of Coinbase Global stock in a transaction that occurred on Friday, May 13th. The stock was acquired at an average price of $70.77 per share, with a total value of $50,002,826.58. Following the completion of the acquisition, the director now directly owns 706,554 shares of the company’s stock, valued at approximately $50,002,826.58. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 1,090 shares of the company’s stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $67.26, for a total transaction of $73,313.40. Following the completion of the sale, the insider now directly owns 43,220 shares of the company’s stock, valued at approximately $2,906,977.20. The disclosure for this sale can be found here. Over the last quarter, insiders bought 1,121,844 shares of company stock valued at $76,837,576. 36.10% of the stock is currently owned by company insiders.

Coinbase Global Stock Up 4.7 %

COIN stock opened at $93.05 on Monday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.55 and a quick ratio of 1.55. Coinbase Global, Inc. has a 1-year low of $40.83 and a 1-year high of $368.90. The firm has a fifty day moving average price of $61.48 and a two-hundred day moving average price of $122.37. The firm has a market cap of $20.42 billion, a price-to-earnings ratio of 9.92 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN – Get Rating) last released its earnings results on Tuesday, May 10th. The cryptocurrency exchange reported ($1.98) earnings per share for the quarter, missing the consensus estimate of $0.35 by ($2.33). Coinbase Global had a net margin of 33.63% and a return on equity of 42.39%. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the previous year, the firm earned $3.05 EPS. The firm’s revenue for the quarter was down 35.2% on a year-over-year basis. Research analysts predict that Coinbase Global, Inc. will post -8.46 EPS for the current year.

Coinbase Global Profile

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Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.

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