Ribbit Management Company LLC Increases Stock Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Ribbit Management Company LLC increased its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 4.7% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 394,100 shares of the cryptocurrency exchange’s stock after purchasing an additional 17,650 shares during the period. Coinbase Global comprises about 4.7% of Ribbit Management Company LLC’s portfolio, making the stock its 4th largest holding. Ribbit Management Company LLC’s holdings in Coinbase Global were worth $70,217,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of COIN. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Coinbase Global by 2.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock worth $570,341,000 after acquiring an additional 71,398 shares during the period. Cowen AND Company LLC raised its stake in Coinbase Global by 1.5% during the 2nd quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after buying an additional 22,071 shares during the last quarter. Renaissance Technologies LLC lifted 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 buying an additional 691,288 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Coinbase Global by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock worth $163,752,000 after buying an additional 52,856 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of 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 worth $105,389,000 after acquiring an additional 435,886 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Up 6.0 %

NASDAQ:COIN opened at $310.98 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $77.85 billion, a price-to-earnings ratio of 53.07 and a beta of 3.34. The stock’s fifty day moving average is $219.83 and its two-hundred day moving average is $216.55. Coinbase Global, Inc. has a 52 week low of $114.51 and a 52 week high of $341.75.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter last year, the firm earned ($0.01) EPS. The company’s revenue was up 78.8% on a year-over-year basis. Research analysts anticipate that Coinbase Global, Inc. will post 4.27 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction on Monday, November 25th. The stock was sold at an average price of $307.30, for a total value of $7,682,500.00. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $161,639.80. This trade represents 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, COO Emilie Choi sold 1,500 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $162.24, for a total value of $243,360.00. Following the completion of the sale, the chief operating officer now owns 187,601 shares of the company’s stock, valued at approximately $30,436,386.24. This represents a 0.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 239,219 shares of company stock worth $65,593,121. Insiders own 23.43% of the company’s stock.

Analyst Upgrades and Downgrades

COIN has been the topic of a number of recent research reports. B. Riley assumed coverage on Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price on the stock. Piper Sandler reiterated a “neutral” rating and issued a $245.00 price target on shares of Coinbase Global in a research note on Friday, November 1st. HC Wainwright reissued a “buy” rating and issued a $295.00 target price on shares of Coinbase Global in a report on Tuesday, October 29th. Barclays raised their price target on Coinbase Global from $175.00 to $204.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. Finally, Mizuho lifted their price target on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Coinbase Global has a consensus rating of “Hold” and a consensus price target of $255.22.

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.