Virtu Financial LLC Reduces Stock Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Virtu Financial LLC lowered its position in Coinbase Global, Inc. (NASDAQ:COIN) by 37.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,527 shares of the cryptocurrency exchange’s stock after selling 8,174 shares during the quarter. Virtu Financial LLC’s holdings in Coinbase Global were worth $3,359,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Geode Capital Management LLC boosted its stake in Coinbase Global by 10.1% during the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after buying an additional 314,388 shares during the period. Clear Street Derivatives LLC purchased a new position in shares of Coinbase Global in the third quarter valued at approximately $409,919,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Coinbase Global by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 935,032 shares of the cryptocurrency exchange’s stock valued at $232,168,000 after purchasing an additional 15,954 shares during the period. Proficio Capital Partners LLC boosted its stake in shares of Coinbase Global by 30,664.4% in the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock valued at $103,888,000 after purchasing an additional 417,036 shares during the period. Finally, Ribbit Management Company LLC boosted its stake in shares of Coinbase Global by 4.7% in the third quarter. Ribbit Management Company LLC now owns 394,100 shares of the cryptocurrency exchange’s stock valued at $70,217,000 after purchasing an additional 17,650 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Insider Activity

In related news, Director Frederick Ernest Ehrsam III sold 7,614 shares of Coinbase Global stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $295.10, for a total value of $2,246,891.40. Following the transaction, the director now directly owns 10,417 shares in the company, valued at $3,074,056.70. This trade represents a 42.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul Grewal sold 10,978 shares of Coinbase Global stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total transaction of $2,326,567.54. Following the completion of the transaction, the insider now owns 83,313 shares in the company, valued at approximately $17,656,524.09. This trade represents a 11.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 219,455 shares of company stock valued at $60,955,968 in the last ninety days. 23.43% of the stock is currently owned by company insiders.

Coinbase Global Stock Performance

Shares of Coinbase Global stock opened at $189.86 on Friday. The firm’s fifty day simple moving average is $247.26 and its 200-day simple moving average is $240.47. The stock has a market capitalization of $48.20 billion, a price-to-earnings ratio of 19.99 and a beta of 3.66. Coinbase Global, Inc. has a 12 month low of $146.12 and a 12 month 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.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. As a group, equities analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of Coinbase Global in a research note on Thursday. They issued a “neutral” rating and a $195.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $330.00 price objective on shares of Coinbase Global in a research note on Thursday, February 13th. Monness Crespi & Hardt set a $420.00 target price on shares of Coinbase Global in a report on Tuesday, February 18th. Canaccord Genuity Group raised their target price on shares of Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a report on Friday, February 14th. Finally, Sanford C. Bernstein raised shares of Coinbase Global to a “strong-buy” rating in a report on Tuesday. Seven analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $314.72.

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.