Maytus Capital Management LLC Invests $2.24 Million in Coinbase Global, Inc. (NASDAQ:COIN)

Maytus Capital Management LLC acquired a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 9,000 shares of the cryptocurrency exchange’s stock, valued at approximately $2,235,000.

Several other institutional investors also recently bought and sold shares of the business. Wingate Wealth Advisors Inc. purchased a new position in Coinbase Global during the fourth quarter worth approximately $27,000. Atala Financial Inc purchased a new position in Coinbase Global in the 4th quarter valued at approximately $27,000. MassMutual Private Wealth & Trust FSB raised its position in Coinbase Global by 365.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after purchasing an additional 106 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new stake in shares of Coinbase Global during the 4th quarter worth $50,000. Finally, BNP Paribas acquired a new stake in shares of Coinbase Global during the 4th quarter worth about $50,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

COIN has been the topic of a number of analyst reports. Piper Sandler lifted their price objective on shares of Coinbase Global from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Friday. Monness Crespi & Hardt downgraded Coinbase Global from a “buy” rating to a “neutral” rating in a report on Tuesday, May 6th. Bank of America decreased 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. Canaccord Genuity Group reissued a “buy” rating and issued a $400.00 price objective on shares of Coinbase Global in a research report on Friday. Finally, Oppenheimer dropped their price objective on shares of Coinbase Global from $279.00 to $269.00 and set an “outperform” rating on the stock in a research note on Friday. Eleven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $268.75.

Coinbase Global Trading Up 4.0%

Shares of Coinbase Global stock opened at $207.22 on Tuesday. The business has a 50-day moving average price of $187.08 and a 200-day moving average price of $243.32. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $349.75. The firm has a market cap of $52.61 billion, a price-to-earnings ratio of 21.81 and a beta of 3.62. 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 issued its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The business had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.22 billion. During the same quarter in the previous year, the firm posted $2.53 EPS. Coinbase Global’s revenue was up 24.2% on a year-over-year basis. Equities research analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Paul Grewal sold 10,978 shares of Coinbase Global stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total transaction of $2,326,567.54. Following the sale, the insider now directly owns 83,313 shares in the company, valued at $17,656,524.09. This trade represents a 11.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $200.54, for a total transaction of $5,013,500.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $105,484.04. The trade was a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 128,742 shares of company stock valued at $25,758,259. Company insiders own 17.65% of the company’s stock.

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.