Fred Alger Management LLC Buys Shares of 15,574 Coinbase Global, Inc. (NASDAQ:COIN)

Fred Alger Management LLC purchased a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 15,574 shares of the cryptocurrency exchange’s stock, valued at approximately $2,775,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Coinbase Global by 2.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock worth $570,341,000 after buying an additional 71,398 shares in the last quarter. Cowen AND Company LLC boosted its holdings in Coinbase Global by 1.5% in the second quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after purchasing an additional 22,071 shares during the period. Renaissance Technologies LLC grew its stake in Coinbase Global by 185.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after purchasing an additional 691,288 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Coinbase Global by 6.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock worth $163,752,000 after purchasing an additional 52,856 shares during the period. Finally, American Century Companies Inc. raised its position in Coinbase Global by 1,136.7% in the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after purchasing an additional 435,886 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a report on Thursday, October 31st. Monness Crespi & Hardt began coverage on Coinbase Global in a report on Monday, October 28th. They set a “buy” rating and a $245.00 price target for the company. Barclays upped their price objective on Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. B. Riley initiated coverage on Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 target price on the stock. Finally, Oppenheimer upped their price target on Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $255.22.

Coinbase Global Trading Down 4.8 %

Shares of COIN stock opened at $296.20 on Monday. Coinbase Global, Inc. has a twelve month low of $114.51 and a twelve month high of $341.75. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The business’s 50 day moving average is $228.17 and its two-hundred day moving average is $218.64. The company has a market capitalization of $74.15 billion, a P/E ratio of 50.55 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business’s quarterly revenue was up 78.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.01) earnings per share. Equities analysts forecast that Coinbase Global, Inc. will post 4.44 EPS for the current year.

Insider Activity at Coinbase Global

In other Coinbase Global news, Director Gokul Rajaram sold 400 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total value of $81,776.00. Following the completion of the transaction, the director now owns 7,771 shares in the company, valued at approximately $1,588,703.24. This represents a 4.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the sale, the chief executive officer now owns 526 shares in the company, valued at $172,528. The trade was a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 237,719 shares of company stock worth $65,309,711 over the last 90 days. Company insiders own 23.43% of the company’s stock.

Coinbase Global 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.