Korea Investment CORP Increases Position in Coinbase Global, Inc. (NASDAQ:COIN)

Korea Investment CORP boosted its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 109.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 108,350 shares of the cryptocurrency exchange’s stock after acquiring an additional 56,500 shares during the quarter. Korea Investment CORP’s holdings in Coinbase Global were worth $26,903,000 at the end of the most recent reporting period.

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

Insider Activity

In other news, CFO Alesia J. Haas sold 7,575 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $200.00, for a total value of $1,515,000.00. Following the completion of the sale, the chief financial officer now directly owns 114,866 shares in the company, valued at $22,973,200. This represents a 6.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction, the insider now owns 69,407 shares in the company, valued at approximately $17,816,082.83. The trade was a 12.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 225,609 shares of company stock worth $61,331,908 over the last three months. Insiders own 23.43% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group started coverage on Coinbase Global in a report on Thursday, March 20th. They issued a “neutral” rating and a $195.00 price objective for the company. Sanford C. Bernstein raised Coinbase Global to a “strong-buy” rating in a report on Tuesday, March 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $330.00 price objective on shares of Coinbase Global in a research note on Thursday, February 13th. JMP Securities boosted their target price on shares of Coinbase Global from $400.00 to $475.00 and gave the company a “market outperform” rating in a research note on Friday, February 14th. Finally, Bank of America lowered their price target on shares of Coinbase Global from $363.00 to $311.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $314.72.

Coinbase Global Price Performance

NASDAQ:COIN opened at $173.93 on Friday. The stock has a 50 day moving average of $239.36 and a two-hundred day moving average of $241.64. Coinbase Global, Inc. has a 12 month low of $146.12 and a 12 month high of $349.75. The firm has a market cap of $44.16 billion, a P/E ratio of 18.31 and a beta of 3.66. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, topping the consensus estimate 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, analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Coinbase Global Company 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.