Allspring Global Investments Holdings LLC Raises Stock Position in Coinbase Global, Inc. (NASDAQ:COIN)

Allspring Global Investments Holdings LLC raised its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 87.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,504 shares of the cryptocurrency exchange’s stock after purchasing an additional 3,030 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Coinbase Global were worth $1,131,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Barrett & Company Inc. purchased a new stake in shares of Coinbase Global in the 4th quarter worth about $26,000. AlphaMark Advisors LLC purchased a new stake in shares of Coinbase Global in the 4th quarter worth about $33,000. Coston McIsaac & Partners purchased a new stake in shares of Coinbase Global in the 4th quarter worth about $52,000. Psagot Value Holdings Ltd. Israel purchased a new stake in shares of Coinbase Global in the 3rd quarter worth about $68,000. Finally, Sound Income Strategies LLC grew its position in shares of Coinbase Global by 427.6% in the 4th quarter. Sound Income Strategies LLC now owns 401 shares of the cryptocurrency exchange’s stock worth $70,000 after buying an additional 325 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on COIN shares. Barclays upped their target price on shares of Coinbase Global from $146.00 to $179.00 and gave the stock an “underweight” rating in a research report on Monday, April 8th. TheStreet upgraded shares of Coinbase Global from a “d” rating to a “c-” rating in a research note on Friday, February 16th. Mizuho upped their price target on shares of Coinbase Global from $84.00 to $145.00 and gave the stock an “underperform” rating in a research note on Friday, April 12th. JMP Securities reiterated a “market outperform” rating on shares of Coinbase Global in a research note on Friday, March 22nd. Finally, Raymond James upgraded shares of Coinbase Global from an “underperform” rating to a “market perform” rating in a research note on Tuesday, March 12th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Coinbase Global currently has an average rating of “Hold” and a consensus target price of $165.43.

Insider Transactions at Coinbase Global

In other news, CAO Jennifer N. Jones sold 1,624 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $168.75, for a total value of $274,050.00. Following the transaction, the chief accounting officer now owns 29,236 shares in the company, valued at approximately $4,933,575. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Emilie Choi sold 700 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $130.29, for a total value of $91,203.00. Following the completion of the sale, the chief operating officer now directly owns 225,142 shares of the company’s stock, valued at approximately $29,333,751.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jennifer N. Jones sold 1,624 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $168.75, for a total transaction of $274,050.00. Following the completion of the sale, the chief accounting officer now directly owns 29,236 shares of the company’s stock, valued at $4,933,575. The disclosure for this sale can be found here. Insiders have sold 607,358 shares of company stock worth $106,945,156 in the last quarter. Company insiders own 33.16% of the company’s stock.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $236.43 on Wednesday. The firm’s 50 day moving average price is $228.18 and its 200-day moving average price is $158.91. Coinbase Global, Inc. has a twelve month low of $46.43 and a twelve month high of $283.48. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $57.28 billion, a PE ratio of 875.67 and a beta of 3.41.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, topping the consensus estimate of ($0.09) by $1.13. Coinbase Global had a net margin of 3.05% and a return on equity of 3.54%. The firm had revenue of $953.80 million for the quarter, compared to analysts’ expectations of $826.10 million. During the same quarter in the prior year, the business earned ($2.46) EPS. The business’s quarterly revenue was up 51.6% on a year-over-year basis. Equities research analysts expect that Coinbase Global, Inc. will post 2.43 EPS for the current year.

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.