Belpointe Asset Management LLC Invests $282,000 in Coinbase Global, Inc. (NASDAQ:COIN)

Belpointe Asset Management LLC purchased a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,136 shares of the cryptocurrency exchange’s stock, valued at approximately $282,000.

Several other institutional investors and hedge funds have also made changes to their positions in COIN. Wingate Wealth Advisors Inc. bought a new stake in Coinbase Global during the fourth quarter valued at $27,000. Atala Financial Inc acquired a new position in shares of Coinbase Global in the 4th quarter valued at about $27,000. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Coinbase Global by 365.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after purchasing an additional 106 shares during the last quarter. Cullen Frost Bankers Inc. bought a new stake in shares of Coinbase Global in the 4th quarter worth approximately $50,000. Finally, Bogart Wealth LLC boosted its position in Coinbase Global by 252.5% during the 4th quarter. Bogart Wealth LLC now owns 208 shares of the cryptocurrency exchange’s stock valued at $52,000 after purchasing an additional 149 shares during the period. 68.84% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on COIN shares. Bank of America cut their target price on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. Needham & Company LLC reissued a “buy” rating and set a $330.00 target price on shares of Coinbase Global in a research note on Thursday, February 13th. Rosenblatt Securities restated a “buy” rating and issued a $305.00 price target on shares of Coinbase Global in a research note on Wednesday, March 26th. Cantor Fitzgerald started coverage on Coinbase Global in a research report on Tuesday, April 8th. They set an “overweight” rating and a $245.00 price objective for the company. Finally, Canaccord Genuity Group increased their price objective on Coinbase Global from $280.00 to $400.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $298.74.

Insider Activity

In related news, insider Paul Grewal sold 10,978 shares of the 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 completion of the sale, the insider now directly owns 83,313 shares of the company’s stock, valued at approximately $17,656,524.09. This represents a 11.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 5,262 shares of Coinbase Global stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $300.09, for a total value of $1,579,073.58. Following the transaction, the director now directly owns 10,417 shares in the company, valued at approximately $3,126,037.53. This trade represents a 33.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 192,067 shares of company stock worth $49,486,825 over the last 90 days. 23.43% of the stock is owned by company insiders.

Coinbase Global Price Performance

NASDAQ COIN opened at $172.21 on Thursday. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $349.75. The business’s fifty day moving average is $204.11 and its two-hundred day moving average is $241.35. The stock has a market capitalization of $43.72 billion, a P/E ratio of 18.13 and a beta of 3.65. 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 (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. On average, research analysts forecast that Coinbase Global, Inc. will post 7.22 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.