Welch & Forbes LLC purchased a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the third quarter, HoldingsChannel.com reports. The fund purchased 1,325 shares of the cryptocurrency exchange’s stock, valued at approximately $301,000.
Several other hedge funds have also modified their holdings of the company. Chickasaw Capital Management LLC acquired a new position in shares of Coinbase Global during the 2nd quarter worth about $299,000. Cardinal Capital Management acquired a new stake in Coinbase Global during the 2nd quarter worth $244,000. Focused Wealth Management Inc acquired a new position in Coinbase Global in the second quarter valued at $37,000. Brookstone Capital Management purchased a new stake in shares of Coinbase Global in the second quarter valued at about $272,000. Finally, Stratos Wealth Partners LTD. purchased a new stake in Coinbase Global during the second quarter worth about $1,028,000. 21.31% of the stock is currently owned by institutional investors and hedge funds.
In other Coinbase Global news, insider Surojit Chatterjee sold 20,000 shares of Coinbase Global stock in a transaction on Thursday, September 2nd. The stock was sold at an average price of $271.79, for a total transaction of $5,435,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Emilie Choi sold 17,414 shares of Coinbase Global stock in a transaction on Monday, October 25th. The shares were sold at an average price of $324.04, for a total value of $5,642,832.56. The disclosure for this sale can be found here. Insiders have sold 696,132 shares of company stock worth $210,833,597 in the last quarter.
Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Tuesday, November 9th. The cryptocurrency exchange reported $1.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.79 by ($0.17). Coinbase Global had a return on equity of 89.37% and a net margin of 49.96%. Equities analysts forecast that Coinbase Global, Inc. will post 14.06 earnings per share for the current year.
A number of research firms have recently weighed in on COIN. Needham & Company LLC began coverage on shares of Coinbase Global in a research report on Tuesday, August 31st. They issued a “buy” rating and a $420.00 price objective for the company. Canaccord Genuity upped their target price on shares of Coinbase Global from $325.00 to $342.00 and gave the company a “buy” rating in a research note on Wednesday, November 10th. Oppenheimer reissued a “buy” rating and set a $444.00 target price on shares of Coinbase Global in a report on Wednesday, October 6th. Bank of America initiated coverage on shares of Coinbase Global in a report on Friday, August 13th. They issued a “neutral” rating and a $273.00 price objective on the stock. Finally, Redburn Partners started coverage on shares of Coinbase Global in a report on Thursday, August 5th. They issued a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $378.80.
About Coinbase Global
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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