Wellington Management Ups Coinbase Stake

Wellington Management Group LLP significantly increased its holdings in Coinbase Global, Inc. (COIN) by 31.8% in the third quarter, purchasing an additional 12,301 shares. As a result, the institutional investor now owns 50,925 shares, valued at $3,823,000. This move follows similar actions by other notable investors, including Ancora Advisors LLC, Tyler Stone Wealth Management, Bessemer Group Inc., ICA Group Wealth Management LLC, and Money Concepts Capital Corp. Institutional investors collectively hold 68.84% of Coinbase Global's stock.

Wellington Management Increases Holdings in Coinbase Global

Wellington Management Group LLP, a prominent institutional investor, has significantly increased its stake in Coinbase Global, Inc. (NASDAQ: COIN), a leading cryptocurrency exchange. As per the company's recent 13F filing with the Securities and Exchange Commission (SEC), Wellington Management acquired an additional 12,301 shares of COIN during the third quarter of 2023, representing a 31.8% increase in its holdings. The firm now owns a total of 50,925 shares of Coinbase Global, valued at approximately $3,823,000.

Other Notable Changes in Institutional Ownership

Several other large institutional investors have also made notable changes in their COIN holdings in recent quarters. Ancora Advisors LLC significantly increased its stake by 144.0% in the fourth quarter of 2022, bringing its total ownership to 737 shares valued at $26,000. Tyler Stone Wealth Management established a new position in COIN during the second quarter of 2022, worth approximately $31,000.

Bessemer Group Inc. doubled its stake in COIN during the fourth quarter of 2022, acquiring an additional 500 shares and bringing its total ownership to 1,000 shares, valued at $36,000. ICA Group Wealth Management LLC also established a new position in COIN during the fourth quarter, worth approximately $36,000.

Money Concepts Capital Corp. saw a substantial 1,120.7% increase in its COIN holdings during the fourth quarter of 2022, bringing its total ownership to 1,355 shares, valued at $48,000.

Institutional Ownership

Institutional investors currently hold a significant portion of Coinbase Global's outstanding shares, with their aggregate stake accounting for approximately 68.84% of the company's total shares.

Coinbase Global Price Performance

Coinbase Global's stock (NASDAQ: COIN) opened at $266.81 on Wednesday, February 15, 2023. The company's 50-day simple moving average is $182.99, while its 200-day simple moving average is $135.63. Coinbase Global has a market capitalization of $64.64 billion, a price-to-earnings ratio of 988.19, and a beta of 3.36. The company's quick ratio is 1.03, its current ratio is 1.03, and its debt-to-equity ratio is 0.47. Over the past 52 weeks, COIN has traded within a range of $46.43 (low) and $283.48 (high).

Coinbase Global Earnings Report

Coinbase Global released its latest earnings results on Thursday, February 15, 2023. The company reported diluted earnings per share (EPS) of $1.04 for the quarter, surpassing analysts' consensus estimates by $1.13. Revenue for the quarter reached $953.80 million, exceeding analysts' expectations of $826.10 million. Coinbase Global's net margin for the quarter was 3.05%, while its return on equity was 3.54%. The company's quarterly revenue experienced a 51.6% increase compared to the same quarter in the previous year. In the corresponding quarter of 2022, Coinbase Global reported a net loss per share of $2.46. For the current fiscal year, analysts predict that Coinbase Global, Inc. will post diluted EPS of 1.68.

Analysts' Price Target Adjustments

Several research firms have recently issued revised price targets for COIN. Piper Sandler increased its price target from $125.00 to $165.00 and assigned the stock a "Neutral" rating in a research note on Friday, February 16, 2023. Keefe, Bruyette & Woods upgraded Coinbase Global from an "Underperform" rating to a "Market Perform" rating and revised its price target from $93.00 to $160.00 in a research note on the same day.

Wedbush increased its price target from $180.00 to $200.00 and maintained an "Outperform" rating for Coinbase Global in a research note on Friday, February 16, 2023. HC Wainwright raised its price target from $115.00 to $250.00 and gave the stock a "Buy" rating in a research note on the same day. Raymond James upgraded Coinbase Global from an "Underperform" rating to a "Market Perform" rating in a research note on Tuesday, March 12, 2023.

The consensus rating among analysts for Coinbase Global is currently "Hold," with an average target price of $136.30.

Insider Transactions

In insider trading activity, Director Frederick Ernest Ehrsam III sold 97,836 shares of COIN on Friday, January 12, 2023. The shares were sold at an average price of $134.24, resulting in a total transaction value of $13,133,504.64. Following this sale, Ehrsam III directly owns 299,580 shares of the company, valued at approximately $40,215,619.20. Director Marc L. Andreessen also sold 33,992 shares of COIN on Tuesday, January 2, 2023, at an average price of $163.91, resulting in a total transaction value of $5,571,628.72. Post-sale, Andreessen directly owns 4,662 shares of Coinbase Global, valued at approximately $764,148.42.

Company Profile: Coinbase Global, Inc.

Coinbase Global, Inc. is a leading provider of financial infrastructure and technology for the cryptocurrency economy. The company offers a primary financial account for consumers in the crypto economy and a marketplace with a liquidity pool for institutions to transact in crypto assets. Coinbase Global operates in the United States and internationally.