Coinbase Global, Inc. $COIN Shares Acquired by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. increased its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 11.6% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 65,412 shares of the cryptocurrency exchange’s stock after buying an additional 6,783 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Coinbase Global were worth $22,956,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. McClarren Financial Advisors Inc. acquired a new stake in shares of Coinbase Global during the first quarter valued at about $30,000. Cullen Frost Bankers Inc. purchased a new position in Coinbase Global in the second quarter valued at about $30,000. S Bank Fund Management Ltd acquired a new stake in Coinbase Global during the 1st quarter valued at approximately $31,000. SouthState Corp raised its position in shares of Coinbase Global by 128.4% in the 1st quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange’s stock valued at $32,000 after purchasing an additional 104 shares in the last quarter. Finally, City State Bank purchased a new position in shares of Coinbase Global during the 2nd quarter valued at approximately $33,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $295.22 on Friday. The company has a market cap of $75.85 billion, a PE ratio of 25.54 and a beta of 3.67. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The firm has a 50-day simple moving average of $333.84 and a 200 day simple moving average of $309.42. The company has a quick ratio of 2.40, a current ratio of 2.40 and a debt-to-equity ratio of 0.37.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.40. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The firm had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter last year, the company posted $0.28 earnings per share. Coinbase Global’s revenue was up 55.1% on a year-over-year basis. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $337.49, for a total transaction of $8,437,250.00. Following the completion of the transaction, the chief executive officer owned 526 shares in the company, valued at $177,519.74. The trade was a 97.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Alesia J. Haas sold 4,400 shares of the company’s stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $344.41, for a total value of $1,515,404.00. Following the transaction, the chief financial officer owned 84,820 shares of the company’s stock, valued at approximately $29,212,856.20. The trade was a 4.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 205,657 shares of company stock valued at $67,989,576. Insiders own 17.65% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on COIN shares. Benchmark reaffirmed a “buy” rating on shares of Coinbase Global in a report on Friday, October 31st. Redburn Partners set a $417.00 target price on shares of Coinbase Global in a research note on Friday, October 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $400.00 price target on shares of Coinbase Global in a research report on Friday, October 31st. Wall Street Zen raised Coinbase Global from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Finally, Rothschild Redb upgraded Coinbase Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $397.36.

About Coinbase Global

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.