Avantax Advisory Services Inc. Raises Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Avantax Advisory Services Inc. grew its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 15.5% in the fourth quarter, HoldingsChannel reports. The firm owned 3,430 shares of the cryptocurrency exchange’s stock after buying an additional 461 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Coinbase Global were worth $852,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in COIN. Victory Capital Management Inc. grew its position in shares of Coinbase Global by 6.7% during the third quarter. Victory Capital Management Inc. now owns 64,837 shares of the cryptocurrency exchange’s stock valued at $11,552,000 after purchasing an additional 4,076 shares in the last quarter. CIBC Asset Management Inc grew its position in shares of Coinbase Global by 5.6% during the third quarter. CIBC Asset Management Inc now owns 6,962 shares of the cryptocurrency exchange’s stock valued at $1,240,000 after purchasing an additional 367 shares in the last quarter. Empowered Funds LLC grew its position in shares of Coinbase Global by 0.8% during the third quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock valued at $924,000 after purchasing an additional 43 shares in the last quarter. Prospera Financial Services Inc grew its position in shares of Coinbase Global by 3.6% during the third quarter. Prospera Financial Services Inc now owns 1,979 shares of the cryptocurrency exchange’s stock valued at $353,000 after purchasing an additional 68 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Coinbase Global in the 3rd quarter valued at about $809,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Performance

Coinbase Global stock opened at $190.38 on Friday. The company has a 50 day moving average price of $248.64 and a 200-day moving average price of $240.42. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. Coinbase Global, Inc. has a fifty-two week low of $146.12 and a fifty-two week high of $349.75. The company has a market capitalization of $48.33 billion, a PE ratio of 20.04 and a beta of 3.66.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. As a group, equities analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 11,421 shares of Coinbase Global stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $273.23, for a total transaction of $3,120,559.83. Following the transaction, the director now directly owns 10,417 shares of the company’s stock, valued at $2,846,236.91. This trade represents a 52.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $261.07, for a total transaction of $6,526,750.00. Following the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $137,322.82. The trade was a 97.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 219,455 shares of company stock valued at $60,955,968 over the last ninety days. 23.43% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on COIN. Bank of America lowered their price target on shares of Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. The Goldman Sachs Group began coverage on shares of Coinbase Global in a report on Thursday. They issued a “neutral” rating and a $195.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and issued a $350.00 price target on shares of Coinbase Global in a report on Friday, February 21st. Oppenheimer reaffirmed an “outperform” rating on shares of Coinbase Global in a report on Monday, February 10th. Finally, Sanford C. Bernstein raised shares of Coinbase Global to a “strong-buy” rating in a report on Tuesday. Seven analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Coinbase Global currently has an average rating of “Moderate Buy” and an average price target of $314.72.

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.