Masso Torrence Wealth Management Inc. Invests $302,000 in Coinbase Global, Inc. (NASDAQ:COIN)

Masso Torrence Wealth Management Inc. purchased a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,739 shares of the cryptocurrency exchange’s stock, valued at approximately $302,000.

Several other hedge funds also recently modified their holdings of COIN. DnB Asset Management AS increased its position in shares of Coinbase Global by 35.8% during the 3rd quarter. DnB Asset Management AS now owns 28,289 shares of the cryptocurrency exchange’s stock worth $2,124,000 after purchasing an additional 7,457 shares in the last quarter. Arkadios Wealth Advisors acquired a new stake in shares of Coinbase Global during the 3rd quarter worth about $248,000. Impact Partnership Wealth LLC increased its position in shares of Coinbase Global by 23.4% during the 3rd quarter. Impact Partnership Wealth LLC now owns 1,532 shares of the cryptocurrency exchange’s stock worth $115,000 after purchasing an additional 291 shares in the last quarter. Ballentine Partners LLC acquired a new stake in shares of Coinbase Global during the 3rd quarter worth about $201,000. Finally, Walter & Keenan Wealth Management LLC IN ADV increased its position in Coinbase Global by 7.0% in the 3rd quarter. Walter & Keenan Wealth Management LLC IN ADV now owns 15,891 shares of the cryptocurrency exchange’s stock valued at $1,193,000 after acquiring an additional 1,043 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Raymond James upgraded shares of Coinbase Global from an “underperform” rating to a “market perform” rating in a research report on Tuesday, March 12th. HC Wainwright raised their price objective on shares of Coinbase Global from $115.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, February 16th. The Goldman Sachs Group upgraded shares of Coinbase Global from a “sell” rating to a “neutral” rating in a research report on Friday, March 8th. JPMorgan Chase & Co. raised their target price on shares of Coinbase Global from $95.00 to $150.00 and gave the company a “neutral” rating in a research note on Friday, March 15th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Coinbase Global from $160.00 to $230.00 and gave the company a “market perform” rating in a research note on Wednesday, April 3rd. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $165.43.

Coinbase Global Stock Performance

COIN traded up $9.66 during trading hours on Tuesday, hitting $235.52. The stock had a trading volume of 6,220,054 shares, compared to its average volume of 13,749,040. The company’s fifty day simple moving average is $226.26 and its 200 day simple moving average is $157.80. Coinbase Global, Inc. has a 1 year low of $46.43 and a 1 year high of $283.48. The stock has a market cap of $57.06 billion, a PE ratio of 836.52 and a beta of 3.41. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.47.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $1.13. The firm had revenue of $953.80 million during the quarter, compared to the consensus estimate of $826.10 million. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. The company’s revenue for the quarter was up 51.6% on a year-over-year basis. During the same quarter last year, the company posted ($2.46) EPS. Equities analysts anticipate that Coinbase Global, Inc. will post 2.43 earnings per share for the current year.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 10,257 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $275.60, for a total transaction of $2,826,829.20. Following the transaction, the insider now owns 66,122 shares of the company’s stock, valued at approximately $18,223,223.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 81,530 shares of the stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $121.29, for a total transaction of $9,888,773.70. Following the completion of the sale, the director now owns 120,214 shares of the company’s stock, valued at approximately $14,580,756.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Grewal sold 10,257 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $275.60, for a total transaction of $2,826,829.20. Following the sale, the insider now directly owns 66,122 shares of the company’s stock, valued at approximately $18,223,223.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 607,358 shares of company stock valued at $106,945,156. Insiders own 33.16% 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.