Entropy Technologies LP Purchases Shares of 3,185 Coinbase Global, Inc. (NASDAQ:COIN)

Entropy Technologies LP purchased a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 3rd quarter, HoldingsChannel reports. The firm purchased 3,185 shares of the cryptocurrency exchange’s stock, valued at approximately $567,000.

Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Coinbase Global by 18.4% in the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after buying an additional 2,624,989 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Coinbase Global by 185.9% in 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. Canada Pension Plan Investment Board lifted its holdings in shares of Coinbase Global by 1,186.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock valued at $139,854,000 after buying an additional 486,512 shares during the period. American Century Companies Inc. lifted its holdings in shares of Coinbase Global by 1,136.7% in the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after buying an additional 435,886 shares during the period. Finally, APEIRON CAPITAL Ltd acquired a new position in shares of Coinbase Global in the 1st quarter valued at about $108,434,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on COIN. B. Riley began coverage on Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective for the company. Piper Sandler reaffirmed a “neutral” rating and issued a $245.00 price target on shares of Coinbase Global in a report on Friday, November 1st. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and upped their price target for the stock from $260.00 to $345.00 in a report on Tuesday, July 23rd. Compass Point reduced their price target on Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Finally, Monness Crespi & Hardt initiated coverage on Coinbase Global in a report on Monday, October 28th. They issued a “buy” rating and a $245.00 price target for the company. One 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 presently has an average rating of “Hold” and a consensus price target of $246.28.

Insider Activity

In other news, insider Paul Grewal sold 16,962 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $206.96, for a total value of $3,510,455.52. Following the completion of the sale, the insider now directly owns 75,556 shares in the company, valued at $15,637,069.76. This represents a 18.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Lawrence J. Brock sold 4,635 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $250.00, for a total value of $1,158,750.00. Following the completion of the transaction, the insider now owns 18,525 shares of the company’s stock, valued at $4,631,250. The trade was a 20.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 135,822 shares of company stock worth $30,921,194 over the last ninety days. Corporate insiders own 23.43% of the company’s stock.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $278.84 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The business has a 50 day simple moving average of $193.17 and a two-hundred day simple moving average of $210.75. The stock has a market capitalization of $69.81 billion, a P/E ratio of 47.58 and a beta of 3.34. Coinbase Global, Inc. has a 12 month low of $93.07 and a 12 month high of $334.86.

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

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.