Longitude Cayman Ltd. Sells 2,250 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Longitude Cayman Ltd. lessened its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 37.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 3,750 shares of the cryptocurrency exchange’s stock after selling 2,250 shares during the period. Coinbase Global accounts for 0.2% of Longitude Cayman Ltd.’s portfolio, making the stock its 27th biggest position. Longitude Cayman Ltd.’s holdings in Coinbase Global were worth $931,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Geode Capital Management LLC lifted its position in shares of Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after purchasing an additional 314,388 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Coinbase Global by 2.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock worth $570,341,000 after acquiring an additional 71,398 shares in the last quarter. Clear Street Derivatives LLC bought a new stake in Coinbase Global during the third quarter worth $409,919,000. Charles Schwab Investment Management Inc. raised its position in Coinbase Global by 6.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock worth $163,752,000 after acquiring an additional 52,856 shares in the last quarter. Finally, Ribbit Management Company LLC raised its position in Coinbase Global by 4.7% during the third quarter. Ribbit Management Company LLC now owns 394,100 shares of the cryptocurrency exchange’s stock worth $70,217,000 after acquiring an additional 17,650 shares in the last quarter. Institutional investors own 68.84% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on COIN. Needham & Company LLC dropped their price target on shares of Coinbase Global from $420.00 to $330.00 and set a “buy” rating on the stock in a research report on Friday. Bank of America upped their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. The Goldman Sachs Group dropped their price target on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Barclays upped their price target on shares of Coinbase Global from $204.00 to $355.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Finally, Mizuho upgraded shares of Coinbase Global from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $250.00 to $290.00 in a report on Wednesday, January 29th. Nine investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Coinbase Global presently has an average rating of “Moderate Buy” and an average price target of $284.06.

Coinbase Global Trading Up 2.1 %

COIN stock opened at $280.22 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The company’s 50-day simple moving average is $284.78 and its 200 day simple moving average is $237.03. Coinbase Global, Inc. has a 52 week low of $137.13 and a 52 week high of $349.75. The company has a market capitalization of $70.15 billion, a PE ratio of 47.82 and a beta of 3.61.

Insiders Place Their Bets

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 15,228 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $280.51, for a total transaction of $4,271,606.28. Following the sale, the director now directly owns 10,417 shares in the company, valued at $2,922,072.67. This represents a 59.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Emilie Choi sold 1,500 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $298.31, for a total transaction of $447,465.00. Following the sale, the chief operating officer now owns 177,576 shares in the company, valued at $52,972,696.56. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 361,798 shares of company stock worth $107,826,444 over the last ninety days. Corporate 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.