Planning Directions Inc. Invests $566,000 in Coinbase Global, Inc. (NASDAQ:COIN)

Planning Directions Inc. bought a new position in Coinbase Global, Inc. (NASDAQ:COIN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,257 shares of the cryptocurrency exchange’s stock, valued at approximately $566,000.

A number of other hedge funds have also recently modified their holdings of COIN. Vanguard Group Inc. boosted its position in Coinbase Global by 1.3% during the third quarter. Vanguard Group Inc. now owns 13,873,234 shares of the cryptocurrency exchange’s stock worth $1,041,602,000 after purchasing an additional 176,525 shares in the last quarter. Morgan Stanley increased its holdings in shares of Coinbase Global by 18.5% in the third quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock valued at $246,250,000 after purchasing an additional 511,397 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Coinbase Global by 3.2% in the first quarter. Geode Capital Management LLC now owns 2,341,989 shares of the cryptocurrency exchange’s stock valued at $158,083,000 after purchasing an additional 73,036 shares during the last quarter. Norges Bank acquired a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $50,254,000. Finally, Northern Trust Corp increased its holdings in shares of Coinbase Global by 4.3% in the third quarter. Northern Trust Corp now owns 897,166 shares of the cryptocurrency exchange’s stock valued at $67,359,000 after purchasing an additional 37,019 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Down 3.2 %

NASDAQ:COIN traded down $7.07 during midday trading on Friday, reaching $211.01. The company had a trading volume of 9,363,985 shares, compared to its average volume of 9,448,070. The firm has a market capitalization of $51.12 billion, a price-to-earnings ratio of 781.52 and a beta of 3.41. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.47. The stock’s fifty day simple moving average is $224.69 and its 200-day simple moving average is $155.57. Coinbase Global, Inc. has a 12-month low of $46.43 and a 12-month high of $283.48.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $1.13. The company had revenue of $953.80 million during the quarter, compared to the consensus estimate of $826.10 million. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. Coinbase Global’s revenue for the quarter was up 51.6% on a year-over-year basis. During the same period in the previous year, the business earned ($2.46) EPS. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post 2.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Coinbase Global news, CFO Alesia J. Haas sold 64,000 shares of Coinbase Global stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $228.45, for a total transaction of $14,620,800.00. Following the completion of the sale, the chief financial officer now directly owns 219,490 shares of the company’s stock, valued at approximately $50,142,490.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Frederick Ernest Ehrsam III sold 16,380 shares of Coinbase Global stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $213.99, for a total transaction of $3,505,156.20. Following the sale, the director now owns 4,662 shares in the company, valued at $997,621.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alesia J. Haas sold 64,000 shares of Coinbase Global stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $228.45, for a total value of $14,620,800.00. Following the sale, the chief financial officer now owns 219,490 shares in the company, valued at approximately $50,142,490.50. The disclosure for this sale can be found here. Insiders sold 607,358 shares of company stock valued at $106,945,156 in the last ninety days. Insiders own 33.16% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on COIN shares. HC Wainwright raised their target price on Coinbase Global from $115.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. Mizuho raised their target price on Coinbase Global from $84.00 to $145.00 and gave the stock an “underperform” rating in a research note on Friday, April 12th. Raymond James raised Coinbase Global from an “underperform” rating to a “market perform” rating in a research note on Tuesday, March 12th. Canaccord Genuity Group reissued a “buy” rating and set a $240.00 target price on shares of Coinbase Global in a research note on Thursday, March 28th. Finally, JMP Securities reissued a “market outperform” rating on shares of Coinbase Global in a research note on Friday, March 22nd. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $165.43.

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.