Riggs Capital Management LLC Takes Position in Coinbase Global, Inc. (NASDAQ:COIN)

Riggs Capital Management LLC bought a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 3,546 shares of the cryptocurrency exchange’s stock, valued at approximately $880,000.

Several other institutional investors also recently added to or reduced their stakes in COIN. Wingate Wealth Advisors Inc. bought a new stake in shares of Coinbase Global in the fourth quarter valued at about $27,000. Atala Financial Inc acquired a new stake in shares of Coinbase Global during the 4th quarter worth approximately $27,000. MassMutual Private Wealth & Trust FSB increased its position in shares of Coinbase Global by 365.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after purchasing an additional 106 shares during the period. Cullen Frost Bankers Inc. acquired a new position in shares of Coinbase Global in the fourth quarter valued at $50,000. Finally, Bogart Wealth LLC lifted its position in Coinbase Global by 252.5% in the fourth quarter. Bogart Wealth LLC now owns 208 shares of the cryptocurrency exchange’s stock worth $52,000 after purchasing an additional 149 shares during the period. 68.84% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $261.07, for a total transaction of $6,526,750.00. Following the completion of the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $137,322.82. The trade was a 97.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 5,262 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $300.09, for a total transaction of $1,579,073.58. Following the completion of the sale, the director now owns 10,417 shares in the company, valued at approximately $3,126,037.53. The trade was a 33.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 225,609 shares of company stock worth $61,331,908 in the last quarter. 23.43% of the stock is currently owned by corporate insiders.

Coinbase Global Trading Down 7.8 %

Shares of Coinbase Global stock opened at $173.93 on Monday. The business’s 50 day moving average is $239.36 and its 200-day moving average is $242.83. Coinbase Global, Inc. has a 12-month low of $146.12 and a 12-month high of $349.75. The stock has a market cap of $44.16 billion, a P/E ratio of 18.31 and a beta of 3.66. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

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

Analyst Upgrades and Downgrades

COIN has been the subject of several recent research reports. Monness Crespi & Hardt set a $420.00 price target on shares of Coinbase Global in a research report on Tuesday, February 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $330.00 price target on shares of Coinbase Global in a report on Thursday, February 13th. Bank of America decreased their price objective on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 25th. Keefe, Bruyette & Woods lifted their price target on shares of Coinbase Global from $255.00 to $305.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 18th. Finally, Piper Sandler upped their price objective on Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Coinbase Global currently has an average rating of “Moderate Buy” and a consensus target price of $314.72.

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.