Masso Torrence Wealth Management Inc. Makes New $302,000 Investment in Coinbase Global, Inc. (NASDAQ:COIN)

Masso Torrence Wealth Management Inc. bought a new position in Coinbase Global, Inc. (NASDAQ:COIN) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm bought 1,739 shares of the cryptocurrency exchange’s stock, valued at approximately $302,000.

Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Coinbase Global by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 13,873,234 shares of the cryptocurrency exchange’s stock valued at $1,041,602,000 after buying an additional 176,525 shares during the period. Morgan Stanley raised its position in shares of Coinbase Global by 18.5% during the 3rd quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock valued at $246,250,000 after buying an additional 511,397 shares during the period. Northern Trust Corp raised its position in shares of Coinbase Global by 4.3% during the 3rd quarter. Northern Trust Corp now owns 897,166 shares of the cryptocurrency exchange’s stock valued at $67,359,000 after buying an additional 37,019 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Coinbase Global by 142.3% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 733,180 shares of the cryptocurrency exchange’s stock valued at $55,047,000 after buying an additional 430,546 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Coinbase Global by 3.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 618,842 shares of the cryptocurrency exchange’s stock valued at $46,463,000 after buying an additional 20,296 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Stock Performance

NASDAQ COIN traded up $9.66 during trading hours on Tuesday, hitting $235.52. 6,220,054 shares of the stock were exchanged, compared to its average volume of 13,749,040. The company has a market cap of $57.06 billion, a price-to-earnings ratio of 836.52 and a beta of 3.41. Coinbase Global, Inc. has a 12-month low of $46.43 and a 12-month high of $283.48. The stock has a 50-day moving average of $226.26 and a 200 day moving average of $157.80. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.47.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $826.10 million. During the same period in the prior year, the company posted ($2.46) earnings per share. The firm’s revenue for the quarter was up 51.6% on a year-over-year basis. As a group, equities research analysts forecast that Coinbase Global, Inc. will post 2.43 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on COIN. JMP Securities reissued a “market outperform” rating on shares of Coinbase Global in a research report on Friday, March 22nd. Oppenheimer boosted their target price on Coinbase Global from $200.00 to $276.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Mizuho boosted their target price on Coinbase Global from $84.00 to $145.00 and gave the company an “underperform” rating in a research report on Friday, April 12th. Needham & Company LLC boosted their target price on Coinbase Global from $160.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, January 8th. Finally, Piper Sandler boosted their target price on Coinbase Global from $225.00 to $245.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Coinbase Global currently has a consensus rating of “Hold” and a consensus target price of $165.43.

Insider Activity

In other news, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $121.02, for a total value of $1,210,200.00. Following the sale, the insider now directly owns 61,665 shares in the company, valued at $7,462,698.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $121.02, for a total transaction of $1,210,200.00. Following the sale, the insider now owns 61,665 shares in the company, valued at $7,462,698.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 81,530 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $121.29, for a total transaction of $9,888,773.70. Following the sale, the director now owns 120,214 shares in the company, valued at approximately $14,580,756.06. The disclosure for this sale can be found here. Insiders have sold 607,358 shares of company stock worth $106,945,156 over the last ninety days. 33.16% of the stock is currently owned by insiders.

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.