Maryland State Retirement & Pension System raised its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 5.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,628 shares of the cryptocurrency exchange’s stock after buying an additional 698 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Coinbase Global were worth $853,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in COIN. Ancora Advisors LLC raised its position in shares of Coinbase Global by 144.0% in the 4th quarter. Ancora Advisors LLC now owns 737 shares of the cryptocurrency exchange’s stock worth $26,000 after purchasing an additional 435 shares during the last quarter. Romano Brothers AND Company purchased a new position in shares of Coinbase Global in the 4th quarter worth about $29,000. Sugarloaf Wealth Management LLC raised its position in shares of Coinbase Global by 54.2% in the 4th quarter. Sugarloaf Wealth Management LLC now owns 819 shares of the cryptocurrency exchange’s stock worth $29,000 after purchasing an additional 288 shares during the last quarter. Householder Group Estate & Retirement Specialist LLC raised its position in shares of Coinbase Global by 69.9% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 921 shares of the cryptocurrency exchange’s stock worth $32,000 after purchasing an additional 379 shares during the last quarter. Finally, Coston McIsaac & Partners purchased a new position in shares of Coinbase Global in the 4th quarter worth about $35,000. Hedge funds and other institutional investors own 45.21% of the company’s stock.
Analysts Set New Price Targets
COIN has been the subject of a number of recent analyst reports. Berenberg Bank initiated coverage on Coinbase Global in a research report on Monday, May 15th. They issued a “hold” rating and a $55.00 target price for the company. Bank of America boosted their target price on Coinbase Global from $45.00 to $47.00 in a research report on Wednesday, May 10th. TD Cowen lowered Coinbase Global from a “market perform” rating to an “underperform” rating and set a $36.00 target price for the company. in a research report on Friday, March 24th. Mizuho decreased their target price on Coinbase Global from $30.00 to $27.00 in a research report on Wednesday, May 3rd. Finally, JMP Securities reissued a “market outperform” rating and issued a $90.00 target price on shares of Coinbase Global in a research report on Monday, March 13th. Six research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $61.28.
Coinbase Global Trading Down 0.3 %
Coinbase Global (NASDAQ:COIN – Free Report) last issued its quarterly earnings data on Thursday, May 4th. The cryptocurrency exchange reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.44) by $1.59. The business had revenue of $772.53 million for the quarter, compared to analysts’ expectations of $652.76 million. Coinbase Global had a negative return on equity of 38.28% and a negative net margin of 81.21%. Research analysts anticipate that Coinbase Global, Inc. will post -2.2 EPS for the current fiscal year.
Insider Transactions at Coinbase Global
In other news, Director Gokul Rajaram sold 1,145 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $65.00, for a total transaction of $74,425.00. Following the sale, the director now directly owns 24,298 shares of the company’s stock, valued at approximately $1,579,370. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Gokul Rajaram sold 1,145 shares of the stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $65.00, for a total transaction of $74,425.00. Following the sale, the director now owns 24,298 shares in the company, valued at approximately $1,579,370. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Brian Armstrong sold 29,730 shares of the stock in a transaction on Monday, April 24th. The shares were sold at an average price of $55.49, for a total value of $1,649,717.70. The disclosure for this sale can be found here. Insiders have sold 357,869 shares of company stock valued at $23,452,678 in the last ninety days. Corporate insiders own 33.16% of the company’s stock.
About Coinbase Global
Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. It offers the primary financial account in the cryptoeconomy for consumers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment.
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