Paradigm Operations LP Has $1.02 Billion Stock Position in Coinbase Global, Inc. (NASDAQ:COIN)

Paradigm Operations LP trimmed its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 8.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 4,128,033 shares of the cryptocurrency exchange’s stock after selling 387,563 shares during the quarter. Coinbase Global accounts for approximately 100.0% of Paradigm Operations LP’s holdings, making the stock its biggest holding. Paradigm Operations LP’s holdings in Coinbase Global were worth $1,024,991,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of COIN. Wingate Wealth Advisors Inc. purchased a new stake in Coinbase Global during the 4th quarter valued at about $27,000. Atala Financial Inc purchased a new position in Coinbase Global in the 4th quarter valued at about $27,000. MassMutual Private Wealth & Trust FSB lifted its position in shares of Coinbase Global by 365.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after acquiring an additional 106 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new position in Coinbase Global in the 4th quarter valued at $50,000. Finally, BNP Paribas acquired a new stake in shares of Coinbase Global in the fourth quarter valued at about $50,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Coinbase Global

In other news, Director Frederick Ernest Ehrsam III sold 7,614 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $295.10, for a total value of $2,246,891.40. Following the completion of the transaction, the director now directly owns 10,417 shares of the company’s stock, valued at approximately $3,074,056.70. This represents a 42.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Brian Armstrong sold 15,000 shares of the company’s stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of $168.53, for a total value of $2,527,950.00. Following the completion of the sale, the chief executive officer now owns 526 shares in the company, valued at $88,646.78. This trade represents a 96.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 128,742 shares of company stock worth $25,758,259 over the last 90 days. Insiders own 17.65% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group increased their price target on Coinbase Global from $189.00 to $209.00 and gave the stock a “neutral” rating in a report on Monday. Benchmark began coverage on Coinbase Global in a report on Wednesday, April 23rd. They set a “buy” rating and a $252.00 target price on the stock. Sanford C. Bernstein upgraded shares of Coinbase Global to a “strong-buy” rating in a research note on Tuesday, March 18th. HC Wainwright restated a “buy” rating and set a $350.00 price objective on shares of Coinbase Global in a research note on Friday, February 21st. Finally, Piper Sandler raised their target price on shares of Coinbase Global from $180.00 to $190.00 and gave the stock a “neutral” rating in a report on Friday, May 9th. Ten investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $262.75.

Coinbase Global Trading Up 24.0%

NASDAQ:COIN opened at $256.90 on Wednesday. The stock has a market cap of $65.22 billion, a PE ratio of 27.04 and a beta of 3.62. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $349.75. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. The stock’s 50-day moving average is $187.93 and its two-hundred day moving average is $243.41.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The firm had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same period in the previous year, the business posted $2.53 EPS. Coinbase Global’s revenue for the quarter was up 24.2% on a year-over-year basis. As a group, equities research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal 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.