Norges Bank Buys Shares of 2,160,627 Coinbase Global, Inc. (NASDAQ:COIN)

Norges Bank purchased a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,160,627 shares of the cryptocurrency exchange’s stock, valued at approximately $536,484,000. Norges Bank owned approximately 0.86% of Coinbase Global as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in COIN. Clear Street Derivatives LLC purchased a new stake in Coinbase Global during the 3rd quarter worth about $409,919,000. Proficio Capital Partners LLC increased its stake in shares of Coinbase Global by 30,664.4% during the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock worth $103,888,000 after buying an additional 417,036 shares during the period. Geode Capital Management LLC raised its holdings in Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after acquiring an additional 314,388 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Coinbase Global in the fourth quarter worth approximately $56,142,000. Finally, Trivest Advisors Ltd acquired a new position in Coinbase Global during the 4th quarter worth approximately $54,869,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Insider Activity at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total value of $2,566,900.00. Following the sale, the insider now owns 69,407 shares of the company’s stock, valued at approximately $17,816,082.83. The trade was a 12.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 22,842 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $281.94, for a total value of $6,440,073.48. Following the transaction, the director now owns 10,417 shares in the company, valued at $2,936,968.98. The trade was a 68.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 225,609 shares of company stock worth $61,331,908 in the last three months. Insiders own 23.43% of the company’s stock.

Coinbase Global Stock Performance

NASDAQ COIN opened at $173.93 on Friday. The firm has a market cap of $44.16 billion, a P/E ratio of 18.31 and a beta of 3.66. Coinbase Global, Inc. has a 52-week low of $146.12 and a 52-week high of $349.75. The business’s 50-day moving average price is $239.36 and its 200 day moving average price is $241.64. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. On average, equities research analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on COIN. Oppenheimer restated an “outperform” rating on shares of Coinbase Global in a report on Monday, February 10th. Keefe, Bruyette & Woods lifted their price target on Coinbase Global from $255.00 to $305.00 and gave the stock a “market perform” rating in a report on Tuesday, February 18th. Bank of America lowered their price objective on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. JMP Securities raised their target price on Coinbase Global from $400.00 to $475.00 and gave the stock a “market outperform” rating in a research report on Friday, February 14th. Finally, Mizuho lowered their price target on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Seven analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $314.72.

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.