Coinbase Global, Inc. (NASDAQ:COIN) Position Boosted by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System lifted its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 4.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,181 shares of the cryptocurrency exchange’s stock after purchasing an additional 553 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Coinbase Global were worth $2,292,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Barrett & Company Inc. acquired a new stake in shares of Coinbase Global during the 4th quarter valued at $26,000. AlphaMark Advisors LLC acquired a new position in Coinbase Global in the 4th quarter worth about $33,000. Signature Resources Capital Management LLC acquired a new stake in shares of Coinbase Global during the 4th quarter valued at about $39,000. Harbor Investment Advisory LLC grew its stake in shares of Coinbase Global by 68.0% in the 4th quarter. Harbor Investment Advisory LLC now owns 247 shares of the cryptocurrency exchange’s stock valued at $43,000 after buying an additional 100 shares in the last quarter. Finally, Coston McIsaac & Partners acquired a new position in Coinbase Global in the fourth quarter worth approximately $52,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

COIN has been the topic of a number of recent research reports. Sanford C. Bernstein raised their price target on shares of Coinbase Global from $80.00 to $200.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Canaccord Genuity Group upped their price target on Coinbase Global from $240.00 to $280.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Oppenheimer boosted their target price on Coinbase Global from $276.00 to $282.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Bank of America increased their price target on Coinbase Global from $92.00 to $110.00 and gave the company an “underperform” rating in a report on Wednesday, April 10th. Finally, Wedbush increased their price objective on Coinbase Global from $200.00 to $250.00 and gave the company an “outperform” rating in a research report 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. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $193.85.

Insider Activity

In related news, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $224.13, for a total value of $5,171,799.75. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at $117,892.38. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Frederick Ernest Ehrsam III sold 8,735 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $186.00, for a total value of $1,624,710.00. Following the transaction, the director now directly owns 4,662 shares in the company, valued at approximately $867,132. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 23,075 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $224.13, for a total value of $5,171,799.75. Following the completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $117,892.38. The disclosure for this sale can be found here. In the last ninety days, insiders sold 361,542 shares of company stock valued at $81,392,237. Company insiders own 33.16% of the company’s stock.

Coinbase Global Price Performance

NASDAQ:COIN traded down $0.54 during mid-day trading on Wednesday, reaching $213.80. 1,834,404 shares of the company were exchanged, compared to its average volume of 13,102,571. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.52. The stock has a market cap of $51.80 billion, a PE ratio of 42.78 and a beta of 3.46. Coinbase Global, Inc. has a 12 month low of $46.43 and a 12 month high of $283.48. The company has a fifty day moving average of $237.33 and a 200 day moving average of $169.13.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 EPS for the quarter, beating the consensus estimate of ($0.09) by $1.13. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. The business had revenue of $953.80 million for the quarter, compared to analysts’ expectations of $826.10 million. During the same period in the prior year, the firm earned ($2.46) earnings per share. Coinbase Global’s revenue was up 51.6% compared to the same quarter last year. On average, research analysts anticipate that Coinbase Global, Inc. will post 2.71 EPS for the current fiscal year.

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.