DRW Securities LLC Buys New Position in Coinbase Global, Inc. (NASDAQ:COIN)

DRW Securities LLC purchased a new position in Coinbase Global, Inc. (NASDAQ:COIN) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,990 shares of the cryptocurrency exchange’s stock, valued at approximately $355,000.

Several other large investors also recently bought and sold shares of COIN. Crewe Advisors LLC boosted its stake in shares of Coinbase Global by 547.4% in the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after purchasing an additional 104 shares during the period. Lynx Investment Advisory purchased a new position in Coinbase Global in the 2nd quarter valued at about $29,000. Versant Capital Management Inc grew its stake in shares of Coinbase Global by 75.0% during the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 57 shares in the last quarter. Spirit of America Management Corp NY purchased a new stake in shares of Coinbase Global during the second quarter worth about $33,000. Finally, Continuum Advisory LLC lifted its stake in shares of Coinbase Global by 3,000.0% in the second quarter. Continuum Advisory LLC now owns 155 shares of the cryptocurrency exchange’s stock worth $34,000 after acquiring an additional 150 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on COIN. Piper Sandler restated a “neutral” rating and set a $245.00 price objective on shares of Coinbase Global in a research note on Friday, November 1st. Monness Crespi & Hardt started coverage on shares of Coinbase Global in a research report on Monday, October 28th. They set a “buy” rating and a $245.00 price target for the company. Needham & Company LLC upped their price target on shares of Coinbase Global from $290.00 to $375.00 and gave the company a “buy” rating in a report on Monday, November 18th. Oppenheimer increased their price objective on shares of Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a research note on Monday. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $255.22.

Insider Buying and Selling at Coinbase Global

In related news, CAO Jennifer N. Jones sold 1,837 shares of Coinbase Global stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $295.02, for a total transaction of $541,951.74. Following the sale, the chief accounting officer now directly owns 1,160 shares in the company, valued at $342,223.20. The trade was a 61.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at $172,528. This represents a 99.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 178,966 shares of company stock valued at $47,064,922 in the last ninety days. Company insiders own 23.43% of the company’s stock.

Coinbase Global Trading Down 6.1 %

Shares of NASDAQ COIN opened at $293.29 on Wednesday. Coinbase Global, Inc. has a 12-month low of $112.18 and a 12-month high of $341.75. The company has a market cap of $73.43 billion, a price-to-earnings ratio of 50.05 and a beta of 3.34. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock’s 50 day simple moving average is $217.21 and its 200 day simple moving average is $215.90.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business’s quarterly revenue was up 78.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.01) earnings per share. Equities research analysts expect that Coinbase Global, Inc. will post 4.27 EPS for the current year.

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.