Masso Torrence Wealth Management Inc. Acquires New Position in Coinbase Global, Inc. (NASDAQ:COIN)

Masso Torrence Wealth Management Inc. bought a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,309 shares of the cryptocurrency exchange’s stock, valued at approximately $233,000.

Other large investors have also added to or reduced their stakes in the company. Forsta AP Fonden raised its position in shares of Coinbase Global by 15.2% during the third quarter. Forsta AP Fonden now owns 39,500 shares of the cryptocurrency exchange’s stock valued at $7,038,000 after buying an additional 5,200 shares during the last quarter. Burford Brothers Inc. grew its position in shares of Coinbase Global by 7.9% during the third quarter. Burford Brothers Inc. now owns 7,081 shares of the cryptocurrency exchange’s stock valued at $1,262,000 after purchasing an additional 516 shares in the last quarter. Cullinan Associates Inc. lifted its position in shares of Coinbase Global by 0.8% in the third quarter. Cullinan Associates Inc. now owns 302,925 shares of the cryptocurrency exchange’s stock worth $53,972,000 after buying an additional 2,300 shares in the last quarter. Ballentine Partners LLC boosted its stake in Coinbase Global by 6.0% during the third quarter. Ballentine Partners LLC now owns 3,313 shares of the cryptocurrency exchange’s stock valued at $590,000 after buying an additional 189 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Coinbase Global by 36.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 3,581 shares of the cryptocurrency exchange’s stock worth $638,000 after acquiring an additional 952 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Performance

Shares of COIN stock traded down $4.12 on Friday, hitting $205.04. The company had a trading volume of 9,261,318 shares, compared to its average volume of 10,387,205. Coinbase Global, Inc. has a twelve month low of $70.42 and a twelve month high of $283.48. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51. The firm has a market cap of $50.35 billion, a P/E ratio of 40.93 and a beta of 3.35. The company has a 50-day moving average price of $181.15 and a 200-day moving average price of $210.23.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.93). The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The company’s revenue for the quarter was up 104.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.42) EPS. As a group, equities research analysts predict that Coinbase Global, Inc. will post 3.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other news, insider Paul Grewal sold 16,962 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the sale, the insider now directly owns 75,556 shares of the company’s stock, valued at $15,637,069.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Coinbase Global news, Director Gokul Rajaram sold 400 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total transaction of $81,776.00. Following the completion of the transaction, the director now directly owns 7,771 shares in the company, valued at approximately $1,588,703.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Grewal sold 16,962 shares of Coinbase Global stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the sale, the insider now owns 75,556 shares in the company, valued at approximately $15,637,069.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 71,187 shares of company stock valued at $13,158,294. Corporate insiders own 23.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on COIN. Compass Point cut their target price on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Barclays upped their target price on shares of Coinbase Global from $169.00 to $175.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. The Goldman Sachs Group lowered their price target on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. B. Riley assumed coverage on Coinbase Global in a research report on Wednesday. They set a “neutral” rating and a $185.00 price objective on the stock. Finally, Bank of America dropped their target price on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $242.82.

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.