Signature Resources Capital Management LLC Acquires Shares of 223 Coinbase Global, Inc. (NASDAQ:COIN)

Signature Resources Capital Management LLC bought a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the 4th quarter, Holdings Channel reports. The fund bought 223 shares of the cryptocurrency exchange’s stock, valued at approximately $39,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. grew its stake in Coinbase Global by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 13,873,234 shares of the cryptocurrency exchange’s stock valued at $1,041,602,000 after purchasing an additional 176,525 shares in the last quarter. Morgan Stanley grew its position in shares of Coinbase Global by 18.5% during the third quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock worth $246,250,000 after buying an additional 511,397 shares in the last quarter. Northern Trust Corp increased its stake in shares of Coinbase Global by 4.3% in the third quarter. Northern Trust Corp now owns 897,166 shares of the cryptocurrency exchange’s stock worth $67,359,000 after buying an additional 37,019 shares during the last quarter. a16z Perennial Management L.P. acquired a new stake in Coinbase Global in the fourth quarter valued at $147,646,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in Coinbase Global by 142.3% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 733,180 shares of the cryptocurrency exchange’s stock valued at $55,047,000 after acquiring an additional 430,546 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on COIN. Bank of America boosted their target price on shares of Coinbase Global from $92.00 to $110.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 10th. Needham & Company LLC reduced their target price on Coinbase Global from $275.00 to $260.00 and set a “buy” rating on the stock in a report on Friday. Raymond James upgraded Coinbase Global from an “underperform” rating to a “market perform” rating in a report on Tuesday, March 12th. HC Wainwright raised their price objective on Coinbase Global from $250.00 to $300.00 and gave the stock a “buy” rating in a research note on Monday, April 29th. Finally, The Goldman Sachs Group lowered their target price on shares of Coinbase Global from $295.00 to $255.00 and set a “neutral” rating for the company in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $185.48.

Coinbase Global Price Performance

COIN stock traded down $5.60 during trading on Friday, hitting $223.25. The company had a trading volume of 13,739,132 shares, compared to its average volume of 9,158,455. The firm has a market capitalization of $54.09 billion, a price-to-earnings ratio of 44.56 and a beta of 3.46. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.47. The business has a 50 day moving average of $236.37 and a 200 day moving average of $165.79. Coinbase Global, Inc. has a fifty-two week low of $46.43 and a fifty-two week high of $283.48.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $1.13. Coinbase Global had a net margin of 33.98% and a return on equity of 10.24%. The business had revenue of $953.80 million during the quarter, compared to analysts’ expectations of $826.10 million. During the same period last year, the firm posted ($2.46) earnings per share. The business’s revenue was up 51.6% on a year-over-year basis. As a group, research analysts predict that Coinbase Global, Inc. will post 2.71 earnings per share for the current year.

Insider Activity

In other news, insider Paul Grewal sold 42,113 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $190.34, for a total transaction of $8,015,788.42. Following the completion of the sale, the insider now owns 66,122 shares in the company, valued at approximately $12,585,661.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Coinbase Global news, insider Paul Grewal sold 42,113 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $190.34, for a total transaction of $8,015,788.42. Following the completion of the sale, the insider now directly owns 66,122 shares of the company’s stock, valued at $12,585,661.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gokul Rajaram sold 1,145 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $260.00, for a total value of $297,700.00. Following the completion of the sale, the director now directly owns 4,833 shares of the company’s stock, valued at $1,256,580. The disclosure for this sale can be found here. In the last quarter, insiders sold 420,597 shares of company stock worth $86,053,862. Corporate insiders own 33.16% of the company’s stock.

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.