Pearl River Capital LLC acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN – Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 8,496 shares of the cryptocurrency exchange’s stock, valued at approximately $574,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Coinbase Global by 19.8% in the 3rd quarter. Vanguard Group Inc. now owns 12,786,266 shares of the cryptocurrency exchange’s stock valued at $824,587,000 after acquiring an additional 2,110,196 shares during the period. ARK Investment Management LLC boosted its holdings in shares of 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 worth $795,705,000 after buying an additional 2,586,742 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Coinbase Global by 17.8% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 8,610,945 shares of the cryptocurrency exchange’s stock worth $581,842,000 after buying an additional 1,300,484 shares during the period. Nikko Asset Management Americas Inc. boosted its holdings in shares of Coinbase Global by 18.5% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 8,298,784 shares of the cryptocurrency exchange’s stock worth $548,550,000 after buying an additional 1,298,374 shares during the period. Finally, Mizuho Markets Americas LLC boosted its holdings 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 buying an additional 4,455,557 shares during the period. Institutional investors own 45.96% of the company’s stock.
Insiders Place Their Bets
In other news, CEO Brian Armstrong sold 29,730 shares of the business’s stock in a transaction dated Tuesday, June 20th. The stock was sold at an average price of $55.99, for a total value of $1,664,582.70. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Brian Armstrong sold 29,730 shares of Coinbase Global stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $55.99, for a total value of $1,664,582.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Grewal sold 1,818 shares of the stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $77.04, for a total transaction of $140,058.72. Following the transaction, the insider now directly owns 68,782 shares in the company, valued at $5,298,965.28. The disclosure for this sale can be found here. In the last ninety days, insiders sold 335,788 shares of company stock worth $27,245,880. Company insiders own 33.16% of the company’s stock.
Coinbase Global Price Performance
COIN stock traded down $0.62 during trading on Friday, reaching $78.98. 1,428,118 shares of the company were exchanged, compared to its average volume of 16,475,492. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 1.04. Coinbase Global, Inc. has a twelve month low of $31.55 and a twelve month high of $114.43. The company has a 50-day moving average of $84.94 and a two-hundred day moving average of $69.26. The company has a market capitalization of $18.73 billion, a price-to-earnings ratio of -14.09 and a beta of 2.72.
Coinbase Global (NASDAQ:COIN – Get Free Report) last announced its quarterly earnings results on Thursday, August 3rd. The cryptocurrency exchange reported ($0.42) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.78) by $0.36. Coinbase Global had a negative net margin of 47.33% and a negative return on equity of 20.68%. The firm had revenue of $707.91 million during the quarter, compared to analysts’ expectations of $627.60 million. During the same period in the prior year, the company posted ($4.95) EPS. The company’s revenue was down 12.4% on a year-over-year basis. As a group, equities analysts predict that Coinbase Global, Inc. will post -1.45 earnings per share for the current fiscal year.
Analysts Set New Price Targets
Several analysts recently commented on COIN shares. Compass Point lifted their target price on shares of Coinbase Global from $100.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, July 19th. Piper Sandler lifted their target price on shares of Coinbase Global from $60.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, August 4th. JPMorgan Chase & Co. lifted their target price on shares of Coinbase Global from $59.00 to $61.00 and gave the stock a “neutral” rating in a report on Wednesday, August 2nd. Canaccord Genuity Group lifted their target price on shares of Coinbase Global from $70.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, August 1st. Finally, Barclays reissued an “underweight” rating and issued a $70.00 price objective on shares of Coinbase Global in a report on Friday, August 4th. Seven equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Hold” and an average target price of $77.38.
Check Out Our Latest Stock Report on Coinbase Global
About Coinbase Global
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.
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