Holocene Advisors LP Invests $38.54 Million in Coinbase Global, Inc.

Holocene Advisors LP has made a significant investment in Coinbase Global, Inc. (NASDAQ:COIN) during the third quarter of the year. According to their latest filing with the Securities & Exchange Commission, the firm has acquired a new stake in Coinbase by purchasing 216,283 shares of the cryptocurrency exchange's stock. This investment is valued at approximately $38,535,000, which represents about 0.09% of Coinbase's total stock.

Institutional Investor Movements

In addition to Holocene Advisors, other institutional investors and hedge funds have also been adjusting their positions in Coinbase Global. For instance, Cetera Investment Advisers increased its holdings by an impressive 303.5% in the first quarter, now owning 25,935 shares that are valued at around $6,876,000 after purchasing an additional 19,508 shares. Another firm, Cetera Advisors LLC, raised its stake by 49.2%, bringing its total to 10,911 shares worth approximately $2,893,000 after acquiring 3,597 more shares. Versant Capital Management Inc. grew its position by 75.0% in the second quarter, now holding 133 shares valued at $30,000.

Insider Transactions

Recent insider activity at Coinbase Global also raises interest. CEO Brian Armstrong sold 25,000 shares of the company's stock on November 25th, for a transaction total of $7,682,500, resulting in a 97.94% decrease in his ownership. Currently, he holds 526 shares valued at around $161,639.4. In another insider transaction, COO Emilie Choi sold 1,500 shares on September 13th for $243,360, slightly reducing her ownership, and now she holds 187,601 shares valued at about $30,436,386. The trend indicates that insiders sold a total of 206,644 shares, amounting to $59,887,556 in the last three months.

Analysts' Price Targets

Coinbase Global has been subject to various new price targets from analysts. B. Riley began coverage with a "neutral" rating and set a target of $185. Mizuho raised its price target from $160.00 to $178.00 while maintaining an "underperform" rating. In contrast, JMP Securities reaffirmed a "market outperform" rating with a price target of $320. Needham & Company raised its target price to $375. Lastly, Bank of America adjusted its target from $196 to $214 with a "neutral" rating. Collectively, analysts hold a consensus rating of "Hold" with an average target price of $265.33 for the stock.

Performance Overview

As for Coinbase's stock performance, it opened at $302.40. Over the past year, COIN's stock has seen a low of $114.51 and a high of $341.75, boasting a market capitalization of $75.71 billion. The company's earnings report from October 30 showed a loss of $0.28 per share, which was below analyst expectations of $0.41, with revenue reported at $1.21 billion. Despite the miss on earnings, revenue has risen by 78.8% compared to the same period last year.

About Coinbase Global

Coinbase Global, Inc. is a prominent platform that offers financial infrastructure and technology for the cryptocurrency economy both in the United States and internationally. The company serves as a primary financial account for consumers in the crypto market, while also providing a marketplace for institutional trading of crypto assets.

investment, Coinbase, stocks