Worldquant Millennium Advisors LLC Invests $24.82 Million in Coinbase Global, Inc. (NASDAQ:COIN)

Worldquant Millennium Advisors LLC acquired a new position in Coinbase Global, Inc. (NASDAQ:COIN) during the fourth quarter, Holdings Channel.com reports. The firm acquired 99,940 shares of the cryptocurrency exchange’s stock, valued at approximately $24,815,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in COIN. Principal Financial Group Inc. boosted its holdings in 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. Assenagon Asset Management S.A. boosted its holdings in Coinbase Global by 21.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 4,364 shares of the cryptocurrency exchange’s stock worth $1,084,000 after buying an additional 783 shares in the last quarter. Park Avenue Securities LLC boosted its holdings in Coinbase Global by 73.4% during the fourth quarter. Park Avenue Securities LLC now owns 3,317 shares of the cryptocurrency exchange’s stock worth $824,000 after buying an additional 1,404 shares in the last quarter. Ritholtz Wealth Management purchased a new stake in Coinbase Global during the fourth quarter worth $369,000. Finally, Wealthcare Advisory Partners LLC boosted its holdings in Coinbase Global by 8.1% during the fourth quarter. Wealthcare Advisory Partners LLC now owns 1,794 shares of the cryptocurrency exchange’s stock worth $445,000 after buying an additional 135 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Analysts Set New Price Targets

COIN has been the topic of a number of recent analyst reports. Cantor Fitzgerald initiated coverage on shares of Coinbase Global in a report on Tuesday, April 8th. They set an “overweight” rating and a $245.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and set a $350.00 price objective on shares of Coinbase Global in a report on Friday, February 21st. Canaccord Genuity Group reaffirmed a “buy” rating and set a $400.00 price objective on shares of Coinbase Global in a report on Friday, May 9th. Piper Sandler increased their price objective on shares of Coinbase Global from $180.00 to $190.00 and gave the company a “neutral” rating in a report on Friday, May 9th. Finally, Oppenheimer set a $293.00 price objective on shares of Coinbase Global in a report on Thursday, May 15th. Ten analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $266.40.

Insider Buying and Selling

In other news, insider Paul Grewal sold 10,978 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total value of $2,326,567.54. Following the sale, the insider now directly owns 83,313 shares of the company’s stock, valued at approximately $17,656,524.09. The trade was a 11.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the completion of the sale, the director now directly owns 10,417 shares in the company, valued at $2,632,167.56. This trade represents a 74.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 168,764 shares of company stock worth $35,671,592. Insiders own 17.65% of the company’s stock.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $261.38 on Wednesday. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $349.75. The company has a market cap of $66.36 billion, a P/E ratio of 27.51 and a beta of 3.62. The company’s 50-day moving average price is $194.78 and its 200-day moving average price is $245.43. 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 released its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The firm had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same quarter in the previous year, the business posted $2.53 earnings per share. Coinbase Global’s revenue for the quarter was up 24.2% on a year-over-year basis. On average, sell-side analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal 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.