Norges Bank Buys Shares of 2,160,627 Coinbase Global, Inc. (NASDAQ:COIN)

Norges Bank purchased a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,160,627 shares of the cryptocurrency exchange’s stock, valued at approximately $536,484,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Wellington Management Group LLP boosted its position in Coinbase Global by 168.2% during the third quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock worth $4,648,000 after purchasing an additional 16,363 shares in the last quarter. McElhenny Sheffield Capital Management LLC purchased a new stake in shares of Coinbase Global in the 4th quarter worth about $252,000. Virtu Financial LLC purchased a new stake in shares of Coinbase Global in the 3rd quarter worth about $3,866,000. Savant Capital LLC purchased a new position in Coinbase Global during the 4th quarter valued at about $591,000. Finally, XTX Topco Ltd raised its position in Coinbase Global by 818.2% during the third quarter. XTX Topco Ltd now owns 13,167 shares of the cryptocurrency exchange’s stock worth $2,346,000 after acquiring an additional 11,733 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on COIN shares. JMP Securities increased their price target on shares of Coinbase Global from $400.00 to $475.00 and gave the company a “market outperform” rating in a research report on Friday, February 14th. Keefe, Bruyette & Woods boosted their price target on Coinbase Global from $255.00 to $305.00 and gave the stock a “market perform” rating in a report on Tuesday, February 18th. Needham & Company LLC restated a “buy” rating and issued a $330.00 price objective on shares of Coinbase Global in a research report on Thursday, February 13th. Mizuho dropped their price objective on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Finally, HC Wainwright reiterated a “buy” rating and issued a $350.00 price target on shares of Coinbase Global in a report on Friday, February 21st. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $314.72.

Coinbase Global Stock Down 7.8 %

Shares of Coinbase Global stock opened at $173.93 on Friday. Coinbase Global, Inc. has a twelve month low of $146.12 and a twelve month high of $349.75. The stock has a market cap of $44.16 billion, a price-to-earnings ratio of 18.31 and a beta of 3.66. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. The company has a fifty day moving average price of $239.36 and a 200 day moving average price of $241.64.

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

Insiders Place Their Bets

In related news, insider Paul Grewal sold 10,978 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total value of $2,326,567.54. Following the transaction, the insider now owns 83,313 shares in the company, valued at approximately $17,656,524.09. The trade was a 11.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brian Armstrong sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $198.15, for a total value of $1,981,500.00. Following the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $104,226.90. This trade represents a 95.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 225,609 shares of company stock worth $61,331,908 in the last 90 days. 23.43% of the stock is owned by company insiders.

Coinbase Global 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.