Blue Trust Inc. Raises Position in Coinbase Global, Inc. $COIN

Blue Trust Inc. increased its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 44.6% during the second quarter, HoldingsChannel reports. The institutional investor owned 564 shares of the cryptocurrency exchange’s stock after acquiring an additional 174 shares during the quarter. Blue Trust Inc.’s holdings in Coinbase Global were worth $198,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in COIN. Groupama Asset Managment raised its position in shares of Coinbase Global by 100.0% in the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after buying an additional 1,500,000 shares in the last quarter. Vanguard Group Inc. increased its stake in Coinbase Global by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock valued at $3,323,084,000 after acquiring an additional 875,359 shares during the last quarter. Nuveen LLC bought a new position in Coinbase Global in the first quarter valued at $83,454,000. Amundi increased its stake in Coinbase Global by 44.1% in the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock valued at $268,850,000 after acquiring an additional 481,786 shares during the last quarter. Finally, Perpetual Ltd bought a new position in Coinbase Global in the second quarter valued at $62,324,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 15,439 shares of the business’s stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the transaction, the insider owned 82,328 shares in the company, valued at $25,587,542.40. The trade was a 15.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian Armstrong sold 25,000 shares of the business’s stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $355.47, for a total value of $8,886,750.00. Following the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $186,977.22. This represents a 97.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 199,515 shares of company stock worth $65,362,451 in the last 90 days. Company insiders own 17.65% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on COIN shares. Barclays reduced their target price on Coinbase Global from $365.00 to $361.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Rothschild Redb raised Coinbase Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Oppenheimer reissued an “outperform” rating and issued a $417.00 target price on shares of Coinbase Global in a research note on Thursday, July 31st. Williams Trading set a $405.00 target price on Coinbase Global in a research note on Thursday, July 31st. Finally, Benchmark increased their target price on Coinbase Global from $301.00 to $421.00 and gave the company a “buy” rating in a research note on Monday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $367.94.

Coinbase Global Stock Down 1.5%

Shares of NASDAQ:COIN opened at $336.30 on Thursday. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $86.41 billion, a P/E ratio of 32.52 and a beta of 3.68. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The stock’s 50-day moving average price is $327.37 and its 200-day moving average price is $290.45.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The business had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the prior year, the firm earned $0.14 EPS. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. On average, equities analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Coinbase Global Company Profile

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.