Merit Financial Group LLC Buys Shares of 1,298 Coinbase Global, Inc. (NASDAQ:COIN)

Merit Financial Group LLC purchased a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 1,298 shares of the cryptocurrency exchange’s stock, valued at approximately $322,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC grew its position in shares of Coinbase Global by 10.1% during the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after buying an additional 314,388 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its stake 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 acquired a new stake in Coinbase Global in the third quarter worth $409,919,000. Charles Schwab Investment Management Inc. increased its stake in Coinbase Global by 6.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock valued at $163,752,000 after purchasing an additional 52,856 shares in the last quarter. Finally, Ribbit Management Company LLC raised its holdings in shares of Coinbase Global by 4.7% during the third quarter. Ribbit Management Company LLC now owns 394,100 shares of the cryptocurrency exchange’s stock valued at $70,217,000 after purchasing an additional 17,650 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on COIN shares. Keefe, Bruyette & Woods reduced their price objective on Coinbase Global from $275.00 to $255.00 and set a “market perform” rating for the company in a research note on Monday, January 13th. Piper Sandler boosted their price target on shares of Coinbase Global from $245.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. Monness Crespi & Hardt upped their price objective on shares of Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Mizuho lifted their price objective on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a report on Thursday, October 31st. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Coinbase Global has an average rating of “Hold” and an average target price of $282.83.

Coinbase Global Stock Performance

Coinbase Global stock opened at $298.00 on Friday. Coinbase Global, Inc. has a fifty-two week low of $114.51 and a fifty-two week high of $349.75. 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 stock has a market cap of $74.60 billion, a P/E ratio of 50.85 and a beta of 3.59. The firm’s fifty day moving average price is $290.54 and its 200-day moving average price is $233.72.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same period last year, the business posted ($0.01) earnings per share. The company’s revenue was up 78.8% compared to the same quarter last year. On average, equities research analysts expect that Coinbase Global, Inc. will post 4.81 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In related news, CAO Jennifer N. Jones sold 1,837 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $295.02, for a total transaction of $541,951.74. Following the completion of the transaction, the chief accounting officer now owns 1,160 shares in the company, valued at $342,223.20. This represents a 61.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $203.30, for a total transaction of $304,950.00. Following the completion of the sale, the chief operating officer now owns 175,101 shares in the company, valued at approximately $35,598,033.30. This trade represents a 0.85 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 367,489 shares of company stock worth $109,624,297. 23.43% of the stock is currently owned by 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.