Strategic Planning Group LLC Raises Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Strategic Planning Group LLC boosted its position in Coinbase Global, Inc. (NASDAQ:COIN) by 12.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,297 shares of the cryptocurrency exchange’s stock after acquiring an additional 1,469 shares during the quarter. Strategic Planning Group LLC’s holdings in Coinbase Global were worth $2,290,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Coinbase Global in the 4th quarter valued at $536,484,000. Groupama Asset Managment purchased a new stake in Coinbase Global during the 4th quarter worth $372,450,000. Proficio Capital Partners LLC increased its holdings in Coinbase Global by 30,664.4% in the 4th quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock valued at $103,888,000 after purchasing an additional 417,036 shares in the last quarter. Two Sigma Advisers LP increased its holdings in Coinbase Global by 445.4% in the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange’s stock valued at $101,431,000 after purchasing an additional 333,600 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in Coinbase Global by 1,159.9% in the fourth quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange’s stock valued at $81,612,000 after purchasing an additional 302,595 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Trading Up 4.9%

Shares of COIN stock opened at $258.91 on Wednesday. The stock has a 50-day simple moving average of $208.09 and a 200 day simple moving average of $244.77. The stock has a market capitalization of $65.73 billion, a P/E ratio of 27.25 and a beta of 3.62. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $349.75. 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 net margin of 39.34% and a return on equity of 20.64%. The business had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same period in the previous year, the company posted $2.53 earnings per share. Coinbase Global’s revenue was up 24.2% compared to the same quarter last year. On average, sell-side analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $198.12, for a total transaction of $1,981,200.00. Following the sale, the insider now directly owns 83,313 shares of the company’s stock, valued at $16,505,971.56. The trade was a 10.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Alesia J. Haas sold 7,575 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $200.00, for a total value of $1,515,000.00. Following the sale, the chief financial officer now directly owns 114,866 shares of the company’s stock, valued at approximately $22,973,200. This represents a 6.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 195,717 shares of company stock worth $42,980,101. Corporate insiders own 17.65% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on COIN. Citigroup reiterated a “neutral” rating on shares of Coinbase Global in a report on Thursday, May 8th. The Goldman Sachs Group raised their price objective on Coinbase Global from $189.00 to $209.00 and gave the company a “neutral” rating in a research note on Monday, May 12th. Keefe, Bruyette & Woods lifted their price target on shares of Coinbase Global from $183.00 to $205.00 and gave the stock a “market perform” rating in a research note on Friday, May 9th. Sanford C. Bernstein upgraded Coinbase Global to a “strong-buy” rating in a report on Tuesday, March 18th. Finally, Piper Sandler increased their price objective on shares of Coinbase Global from $180.00 to $190.00 and gave the stock a “neutral” rating in a report on Friday, May 9th. Eleven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $266.10.

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.