Coatue Management LLC Invests $23.98 Million in Coinbase Global, Inc. (NASDAQ:COIN)

Coatue Management LLC purchased a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the second quarter, HoldingsChannel reports. The fund purchased 94,664 shares of the cryptocurrency exchange’s stock, valued at approximately $23,979,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Chickasaw Capital Management LLC bought a new stake in Coinbase Global in the 2nd quarter valued at $299,000. Cardinal Capital Management bought a new stake in Coinbase Global in the 2nd quarter valued at $244,000. Focused Wealth Management Inc bought a new stake in Coinbase Global in the 2nd quarter valued at $37,000. Brookstone Capital Management bought a new stake in Coinbase Global in the 2nd quarter valued at $272,000. Finally, Stratos Wealth Partners LTD. bought a new stake in Coinbase Global in the 2nd quarter valued at $1,028,000. 20.26% of the stock is currently owned by institutional investors.

In other Coinbase Global news, CAO Jennifer N. Jones sold 4,918 shares of the business’s stock in a transaction dated Thursday, August 12th. The shares were sold at an average price of $259.38, for a total value of $1,275,630.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Marc L. Andreessen sold 726,487 shares of the company’s stock in a transaction that occurred on Thursday, August 12th. The stock was sold at an average price of $259.60, for a total transaction of $188,596,025.20. The disclosure for this sale can be found here. Insiders have sold a total of 938,604 shares of company stock valued at $243,067,560 in the last ninety days.

Shares of COIN stock traded up $12.58 during midday trading on Thursday, hitting $259.36. 131,464 shares of the company were exchanged, compared to its average volume of 3,195,113. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.47 and a current ratio of 1.47. The firm has a 50 day moving average price of $251.31. Coinbase Global, Inc. has a 52 week low of $208.00 and a 52 week high of $429.54.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Monday, August 9th. The cryptocurrency exchange reported $6.42 EPS for the quarter, topping the consensus estimate of $2.26 by $4.16. The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $1.83 billion. The firm’s revenue for the quarter was up 1040.2% on a year-over-year basis. Sell-side analysts forecast that Coinbase Global, Inc. will post 13.96 EPS for the current year.

COIN has been the topic of several research reports. Canaccord Genuity boosted their price objective on shares of Coinbase Global from $285.00 to $325.00 and gave the company a “buy” rating in a research report on Wednesday, August 11th. Mizuho lifted their price target on shares of Coinbase Global from $210.00 to $220.00 and gave the company a “neutral” rating in a research note on Wednesday, August 18th. JMP Securities began coverage on shares of Coinbase Global in a research note on Tuesday, September 28th. They issued a “buy” rating and a $300.00 price target on the stock. Needham & Company LLC began coverage on shares of Coinbase Global in a research note on Tuesday, August 31st. They issued a “buy” rating and a $420.00 price target on the stock. Finally, Rosenblatt Securities lifted their price target on shares of Coinbase Global from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Wednesday, August 11th. One analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Coinbase Global presently has an average rating of “Buy” and a consensus target price of $354.63.

Coinbase Global Company Profile

Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy. The company provides primary financial account for the cryptoeconomy, a platform to invest, store, spend, earn, and use crypto assets; an online marketplace for hedge funds, money managers, and corporations; and a platform with technology and services to developers, merchants, and asset issuers that enables them to build applications that leverage crypto protocols.

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Institutional Ownership by Quarter for Coinbase Global (NASDAQ:COIN)

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