Maryland State Retirement & Pension System Grows Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Maryland State Retirement & Pension System lifted its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 4.4% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,181 shares of the cryptocurrency exchange’s stock after buying an additional 553 shares during the period. Maryland State Retirement & Pension System’s holdings in Coinbase Global were worth $2,292,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Wealthcare Advisory Partners LLC bought a new stake in Coinbase Global in the fourth quarter worth about $219,000. Fi3 FINANCIAL ADVISORS LLC bought a new position in shares of Coinbase Global during the 4th quarter worth $211,000. TCG Advisory Services LLC bought a new position in shares of Coinbase Global during the 4th quarter worth $302,000. Vestmark Advisory Solutions Inc. purchased a new stake in Coinbase Global in the 4th quarter worth about $28,035,000. Finally, Signature Resources Capital Management LLC bought a new stake in Coinbase Global in the 4th quarter valued at about $39,000. 68.84% of the stock is owned by institutional investors.

Coinbase Global Price Performance

NASDAQ:COIN traded down $0.54 during trading hours on Wednesday, hitting $213.80. 1,834,404 shares of the stock were exchanged, compared to its average volume of 13,102,571. The firm’s fifty day moving average price is $237.33 and its 200 day moving average price is $169.13. Coinbase Global, Inc. has a 52-week low of $46.43 and a 52-week high of $283.48. The company has a market cap of $51.80 billion, a P/E ratio of 42.78 and a beta of 3.46. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.52.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results 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. The firm had revenue of $953.80 million for the quarter, compared to analyst estimates of $826.10 million. Coinbase Global had a return on equity of 9.42% and a net margin of 33.98%. The business’s revenue was up 51.6% on a year-over-year basis. During the same period in the previous year, the company posted ($2.46) earnings per share. As a group, equities research analysts anticipate that Coinbase Global, Inc. will post 2.71 EPS for the current fiscal year.

Analysts Set New Price Targets

COIN has been the topic of a number of recent research reports. Barclays upped their price target on shares of Coinbase Global from $179.00 to $204.00 and gave the company an “underweight” rating in a research note on Monday. Piper Sandler increased their price objective on Coinbase Global from $225.00 to $245.00 and gave the stock a “neutral” rating in a report on Friday, April 12th. Citigroup lifted their target price on Coinbase Global from $90.00 to $151.00 and gave the company a “neutral” rating in a report on Friday, January 19th. JMP Securities reissued a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a report on Friday, May 3rd. Finally, Canaccord Genuity Group boosted their price objective on shares of Coinbase Global from $240.00 to $280.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $193.85.

Insider Activity

In related news, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $147.03, for a total transaction of $3,392,717.25. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $215.00, for a total transaction of $322,500.00. Following the sale, the chief operating officer now owns 213,851 shares of the company’s stock, valued at approximately $45,977,965. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction on Monday, February 12th. The shares were sold at an average price of $147.03, for a total value of $3,392,717.25. The disclosure for this sale can be found here. Insiders sold 361,542 shares of company stock worth $81,392,237 over the last three months. Insiders own 33.16% 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.