Logan Capital Management Inc. increased its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 26.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 69,354 shares of the cryptocurrency exchange’s stock after purchasing an additional 14,647 shares during the period. Logan Capital Management Inc.’s holdings in Coinbase Global were worth $4,686,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in COIN. Mizuho Markets Americas LLC boosted its stake in shares of Coinbase Global by 9,130.6% during the 1st quarter. Mizuho Markets Americas LLC now owns 4,504,355 shares of the cryptocurrency exchange’s stock worth $162,427,000 after purchasing an additional 4,455,557 shares during the period. ARK Investment Management LLC lifted its holdings in Coinbase Global by 28.1% during the 1st quarter. ARK Investment Management LLC now owns 11,776,015 shares of the cryptocurrency exchange’s stock valued at $795,705,000 after buying an additional 2,586,742 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Coinbase Global by 19.8% during the 3rd quarter. Vanguard Group Inc. now owns 12,786,266 shares of the cryptocurrency exchange’s stock valued at $824,587,000 after buying an additional 2,110,196 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its holdings in Coinbase Global by 34.6% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 7,000,410 shares of the cryptocurrency exchange’s stock valued at $247,675,000 after buying an additional 1,801,194 shares in the last quarter. Finally, Norges Bank bought a new stake in Coinbase Global during the 4th quarter valued at about $50,254,000. 45.96% of the stock is owned by hedge funds and other institutional investors.
Coinbase Global Stock Up 0.4 %
NASDAQ:COIN opened at $82.09 on Friday. The company has a market cap of $19.47 billion, a PE ratio of -14.53 and a beta of 2.75. Coinbase Global, Inc. has a twelve month low of $31.55 and a twelve month high of $114.43. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.58. The company’s 50 day moving average is $86.29 and its two-hundred day moving average is $69.92.
Coinbase Global (NASDAQ:COIN – Get Free Report) last released its quarterly earnings data on Thursday, August 3rd. The cryptocurrency exchange reported ($0.42) EPS for the quarter, beating the consensus estimate of ($0.78) by $0.36. The business had revenue of $707.91 million for the quarter, compared to the consensus estimate of $627.60 million. Coinbase Global had a negative net margin of 47.33% and a negative return on equity of 20.68%. The business’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($4.95) EPS. Analysts anticipate that Coinbase Global, Inc. will post -1.45 EPS for the current year.
Insider Activity
In other news, CAO Jennifer N. Jones sold 74,375 shares of the company’s stock in a transaction on Tuesday, June 27th. The shares were sold at an average price of $70.00, for a total value of $5,206,250.00. Following the sale, the chief accounting officer now directly owns 34,752 shares of the company’s stock, valued at approximately $2,432,640. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Jennifer N. Jones sold 74,375 shares of the company’s stock in a transaction on Tuesday, June 27th. The shares were sold at an average price of $70.00, for a total value of $5,206,250.00. Following the sale, the chief accounting officer now directly owns 34,752 shares of the company’s stock, valued at approximately $2,432,640. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 29,730 shares of the company’s stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $55.99, for a total transaction of $1,664,582.70. The disclosure for this sale can be found here. Insiders have sold 325,872 shares of company stock valued at $27,017,282 in the last ninety days. Insiders own 33.16% of the company’s stock.
Analyst Ratings Changes
A number of brokerages recently weighed in on COIN. JPMorgan Chase & Co. lifted their price objective on shares of Coinbase Global from $59.00 to $61.00 and gave the company a “neutral” rating in a report on Wednesday, August 2nd. Atlantic Securities lowered shares of Coinbase Global from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $70.00 to $80.00 in a report on Wednesday, July 12th. The Goldman Sachs Group boosted their price target on shares of Coinbase Global from $45.00 to $51.00 and gave the company a “sell” rating in a report on Friday, August 4th. Barclays restated an “underweight” rating and issued a $70.00 price target on shares of Coinbase Global in a report on Friday, August 4th. Finally, Berenberg Bank started coverage on shares of Coinbase Global in a report on Monday, May 15th. They issued a “hold” rating and a $55.00 price target for the company. Seven investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $77.38.
Read Our Latest Analysis on Coinbase Global
Coinbase Global Profile
Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. It offers the primary financial account in the cryptoeconomy for consumers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment.
Further Reading
Want to see what other hedge funds are holding COIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coinbase Global, Inc. (NASDAQ:COIN – Free Report).
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