Convergence Investment Partners LLC Makes New $390,000 Investment in Coinbase Global, Inc. (NASDAQ:COIN)

Convergence Investment Partners LLC acquired a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 2,244 shares of the cryptocurrency exchange’s stock, valued at approximately $390,000.

Other hedge funds have also recently made changes to their positions in the company. Fountainhead AM LLC raised its position in Coinbase Global by 2.1% during the 4th quarter. Fountainhead AM LLC now owns 3,957 shares of the cryptocurrency exchange’s stock worth $688,000 after buying an additional 81 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Coinbase Global by 0.6% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,726 shares of the cryptocurrency exchange’s stock worth $2,561,000 after purchasing an additional 81 shares during the last quarter. Arkadios Wealth Advisors lifted its position in Coinbase Global by 2.6% during the fourth quarter. Arkadios Wealth Advisors now owns 3,395 shares of the cryptocurrency exchange’s stock valued at $590,000 after purchasing an additional 86 shares during the period. Stratos Wealth Partners LTD. boosted its holdings in Coinbase Global by 2.4% in the fourth quarter. Stratos Wealth Partners LTD. now owns 3,849 shares of the cryptocurrency exchange’s stock valued at $669,000 after purchasing an additional 90 shares during the last quarter. Finally, Larson Financial Group LLC boosted its holdings in Coinbase Global by 34.5% in the fourth quarter. Larson Financial Group LLC now owns 351 shares of the cryptocurrency exchange’s stock valued at $61,000 after purchasing an additional 90 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $119.73, for a total value of $9,833,424.90. Following the completion of the sale, the director now owns 4,662 shares of the company’s stock, valued at $558,181.26. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $119.73, for a total value of $9,833,424.90. Following the completion of the sale, the director now owns 4,662 shares of the company’s stock, valued at $558,181.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Emilie Choi sold 700 shares of Coinbase Global stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $130.29, for a total transaction of $91,203.00. Following the transaction, the chief operating officer now directly owns 225,142 shares in the company, valued at $29,333,751.18. The disclosure for this sale can be found here. Insiders have sold a total of 532,208 shares of company stock worth $99,652,403 in the last ninety days. Insiders own 33.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Sanford C. Bernstein lifted their price objective on Coinbase Global from $80.00 to $200.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. Canaccord Genuity Group reiterated a “buy” rating and set a $240.00 price target on shares of Coinbase Global in a research report on Thursday, March 28th. Oppenheimer upped their price objective on Coinbase Global from $200.00 to $276.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Barclays raised their price objective on shares of Coinbase Global from $146.00 to $179.00 and gave the stock an “underweight” rating in a research note on Monday, April 8th. Finally, Needham & Company LLC boosted their target price on shares of Coinbase Global from $160.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, January 8th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Coinbase Global presently has an average rating of “Hold” and an average price target of $167.81.

Coinbase Global Stock Performance

Shares of NASDAQ:COIN opened at $236.32 on Monday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.03 and a quick ratio of 1.03. Coinbase Global, Inc. has a 1 year low of $46.43 and a 1 year high of $283.48. The firm has a market capitalization of $57.25 billion, a PE ratio of 875.26 and a beta of 3.41. The business’s 50 day moving average price is $231.74 and its 200-day moving average price is $162.07.

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