Wellington Management Group LLP Acquires 16,363 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Wellington Management Group LLP lifted its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 168.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,089 shares of the cryptocurrency exchange’s stock after purchasing an additional 16,363 shares during the quarter. Wellington Management Group LLP’s holdings in Coinbase Global were worth $4,648,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Stifel Financial Corp raised its stake in Coinbase Global by 45.4% during the third quarter. Stifel Financial Corp now owns 43,512 shares of the cryptocurrency exchange’s stock valued at $7,753,000 after buying an additional 13,591 shares during the last quarter. Quantinno Capital Management LP raised its position in shares of Coinbase Global by 5.6% in the 3rd quarter. Quantinno Capital Management LP now owns 3,700 shares of the cryptocurrency exchange’s stock worth $659,000 after purchasing an additional 195 shares during the last quarter. Royal London Asset Management Ltd. boosted its stake in Coinbase Global by 5.6% in the 3rd quarter. Royal London Asset Management Ltd. now owns 81,467 shares of the cryptocurrency exchange’s stock worth $14,515,000 after purchasing an additional 4,300 shares in the last quarter. IHT Wealth Management LLC grew its position in Coinbase Global by 36.0% during the 3rd quarter. IHT Wealth Management LLC now owns 9,030 shares of the cryptocurrency exchange’s stock valued at $1,569,000 after purchasing an additional 2,392 shares during the last quarter. Finally, Investment Management Corp of Ontario increased its stake in Coinbase Global by 53.3% during the 3rd quarter. Investment Management Corp of Ontario now owns 6,331 shares of the cryptocurrency exchange’s stock valued at $1,128,000 after purchasing an additional 2,200 shares in the last quarter. 68.84% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on COIN. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. Oppenheimer lifted their target price on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a report on Monday, November 25th. Piper Sandler reaffirmed a “neutral” rating and set a $245.00 price target on shares of Coinbase Global in a report on Friday, November 1st. Bank of America lifted their price objective on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, The Goldman Sachs Group upped their target price on shares of Coinbase Global from $183.00 to $397.00 and gave the company a “neutral” rating in a research note on Monday, December 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $276.22.

Coinbase Global Stock Up 1.5 %

NASDAQ COIN opened at $315.31 on Tuesday. Coinbase Global, Inc. has a 52 week low of $114.51 and a 52 week high of $349.75. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $78.94 billion, a P/E ratio of 53.81 and a beta of 3.57. The stock’s 50-day moving average price is $259.81 and its 200-day moving average price is $225.48.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. Coinbase Global’s revenue was up 78.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.01) EPS. On average, equities research analysts predict that Coinbase Global, Inc. will post 4.44 earnings per share for the current year.

Insider Buying and Selling

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $170.10, for a total value of $1,701,000.00. Following the completion of the transaction, the insider now directly owns 74,956 shares in the company, valued at $12,750,015.60. This represents a 11.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Jennifer N. Jones sold 1,837 shares of Coinbase Global stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $295.02, for a total transaction of $541,951.74. Following the sale, the chief accounting officer now owns 1,160 shares in the company, valued at approximately $342,223.20. The trade was a 61.29 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 270,720 shares of company stock valued at $79,787,248. Company insiders own 23.43% of the company’s stock.

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.