Envestnet Portfolio Solutions Inc. Acquires 232 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Envestnet Portfolio Solutions Inc. lifted its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 10.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,456 shares of the cryptocurrency exchange’s stock after buying an additional 232 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Coinbase Global were worth $610,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. SOA Wealth Advisors LLC. lifted its position in shares of Coinbase Global by 17.7% during the fourth quarter. SOA Wealth Advisors LLC. now owns 266 shares of the cryptocurrency exchange’s stock worth $66,000 after purchasing an additional 40 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in Coinbase Global by 4.3% during the 4th quarter. Farther Finance Advisors LLC now owns 964 shares of the cryptocurrency exchange’s stock worth $239,000 after buying an additional 40 shares in the last quarter. Yousif Capital Management LLC boosted its position in Coinbase Global by 1.7% in the 4th quarter. Yousif Capital Management LLC now owns 2,559 shares of the cryptocurrency exchange’s stock valued at $635,000 after buying an additional 44 shares during the last quarter. Capital Advisors Wealth Management LLC increased its stake in shares of Coinbase Global by 3.2% in the 4th quarter. Capital Advisors Wealth Management LLC now owns 1,470 shares of the cryptocurrency exchange’s stock valued at $365,000 after buying an additional 45 shares during the period. Finally, Pallas Capital Advisors LLC lifted its stake in shares of Coinbase Global by 2.0% during the fourth quarter. Pallas Capital Advisors LLC now owns 2,625 shares of the cryptocurrency exchange’s stock valued at $652,000 after acquiring an additional 51 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on COIN. Bank of America lowered their price objective on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. Piper Sandler increased their price objective on shares of Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Oppenheimer reaffirmed an “outperform” rating on shares of Coinbase Global in a report on Monday, February 10th. Canaccord Genuity Group increased their price target on Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, JMP Securities lifted their price objective on Coinbase Global from $400.00 to $475.00 and gave the stock a “market outperform” rating in a research note on Friday, February 14th. Seven 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $314.72.

Insider Activity

In other news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $256.69, for a total value of $2,566,900.00. Following the completion of the sale, the insider now directly owns 69,407 shares in the company, valued at approximately $17,816,082.83. The trade was a 12.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frederick Ernest Ehrsam III sold 22,842 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $281.94, for a total value of $6,440,073.48. Following the sale, the director now directly owns 10,417 shares in the company, valued at $2,936,968.98. This represents a 68.68 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 208,034 shares of company stock valued at $57,835,408. 23.43% of the stock is owned by company insiders.

Coinbase Global Trading Up 6.9 %

Shares of COIN stock opened at $203.04 on Tuesday. Coinbase Global, Inc. has a 12-month low of $146.12 and a 12-month high of $349.75. The company has a market capitalization of $51.55 billion, a PE ratio of 21.37 and a beta of 3.66. The firm has a 50 day moving average price of $246.30 and a two-hundred day moving average price of $241.82. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) last released its quarterly 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%. As a group, analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

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.