Cynosure Group LLC Invests $4.71 Million in Coinbase Global, Inc. (NASDAQ:COIN)

Cynosure Group LLC bought a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 26,413 shares of the cryptocurrency exchange’s stock, valued at approximately $4,706,000. Coinbase Global accounts for about 0.7% of Cynosure Group LLC’s investment portfolio, making the stock its 26th largest position.

Other hedge funds also recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its holdings in shares of Coinbase Global by 185.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after purchasing an additional 691,288 shares in the last quarter. American Century Companies Inc. increased its holdings in Coinbase Global by 1,136.7% in the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after buying an additional 435,886 shares in the last quarter. APEIRON CAPITAL Ltd acquired a new position in shares of Coinbase Global in the first quarter worth about $108,434,000. CloudAlpha Capital Management Limited Hong Kong purchased a new stake in shares of Coinbase Global during the 3rd quarter worth about $29,756,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of Coinbase Global during the 3rd quarter valued at about $26,665,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Needham & Company LLC increased their price target on Coinbase Global from $290.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Mizuho increased their target price on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research report on Thursday, October 31st. Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Thursday, October 31st. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a report on Wednesday, October 9th. Finally, Barclays boosted their target price on shares of Coinbase Global from $175.00 to $204.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $255.22.

Coinbase Global Trading Down 6.1 %

Shares of 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 firm has a market capitalization of $73.43 billion, a P/E ratio of 50.05 and a beta of 3.34. The firm has a 50-day moving average price of $217.21 and a 200 day moving average price of $215.90. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.13). The firm had revenue of $1.21 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the company earned ($0.01) EPS. Sell-side analysts forecast that Coinbase Global, Inc. will post 4.27 EPS for the current year.

Insider Buying and Selling

In other Coinbase Global news, CAO Jennifer N. Jones sold 1,837 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $295.02, for a total value of $541,951.74. Following the transaction, the chief accounting officer now owns 1,160 shares of the company’s stock, valued at $342,223.20. This represents a 61.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $91,487.18. This trade represents a 97.77 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 178,966 shares of company stock worth $47,064,922. Company insiders own 23.43% of the company’s stock.

About Coinbase Global

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.