Two Sigma Advisers LP Raises Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Two Sigma Advisers LP lifted its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 445.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 408,500 shares of the cryptocurrency exchange’s stock after buying an additional 333,600 shares during the quarter. Two Sigma Advisers LP’s holdings in Coinbase Global were worth $101,431,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. McElhenny Sheffield Capital Management LLC purchased a new stake in shares of Coinbase Global during the fourth quarter worth about $252,000. Savant Capital LLC purchased a new stake in shares of Coinbase Global during the fourth quarter worth about $591,000. Principal Financial Group Inc. grew its holdings in shares of Coinbase Global by 219.2% during the third quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock worth $9,558,000 after buying an additional 36,843 shares in the last quarter. Oxinas Partners Wealth Management LLC purchased a new stake in shares of Coinbase Global during the fourth quarter worth about $265,000. Finally, Robeco Institutional Asset Management B.V. grew its holdings in shares of Coinbase Global by 33.4% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 103,619 shares of the cryptocurrency exchange’s stock worth $25,729,000 after buying an additional 25,972 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

COIN has been the subject of a number of recent research reports. Rosenblatt Securities reiterated a “buy” rating and set a $260.00 price target on shares of Coinbase Global in a report on Monday, May 12th. Cantor Fitzgerald began coverage on shares of Coinbase Global in a report on Tuesday, April 8th. They issued an “overweight” rating and a $245.00 target price for the company. Keefe, Bruyette & Woods boosted their target price on shares of Coinbase Global from $183.00 to $205.00 and gave the company a “market perform” rating in a report on Friday, May 9th. Canaccord Genuity Group restated a “buy” rating and issued a $400.00 target price on shares of Coinbase Global in a report on Friday, May 9th. Finally, Sanford C. Bernstein upgraded shares of Coinbase Global to a “strong-buy” rating in a report on Tuesday, March 18th. Ten equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $265.20.

Coinbase Global Trading Up 9.0%

Shares of COIN stock opened at $266.46 on Monday. The stock has a market cap of $67.65 billion, a price-to-earnings ratio of 28.05 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, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $349.75. The firm’s 50 day moving average price is $191.65 and its two-hundred day moving average price is $244.75.

Coinbase Global (NASDAQ:COIN) last announced 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). The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. During the same period last year, the firm earned $2.53 earnings per share. The company’s quarterly revenue was up 24.2% on a year-over-year basis. On average, analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Transactions at Coinbase Global

In other news, Director Frederick Ernest Ehrsam III sold 15,517 shares of the business’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $260.98, for a total transaction of $4,049,626.66. Following the transaction, the director now directly owns 10,417 shares of the company’s stock, valued at approximately $2,718,628.66. The trade was a 59.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Grewal sold 1,952 shares of the company’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $250.00, for a total transaction of $488,000.00. Following the completion of the sale, the insider now directly owns 81,773 shares in the company, valued at $20,443,250. This represents a 2.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 168,764 shares of company stock valued at $35,671,592. Corporate insiders own 17.65% of the company’s stock.

About Coinbase Global

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.