Grassi Investment Management Invests $228,000 in Coinbase Global, Inc. $COIN

Grassi Investment Management acquired a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 650 shares of the cryptocurrency exchange’s stock, valued at approximately $228,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ascent Group LLC acquired a new position in shares of Coinbase Global during the second quarter worth $411,000. Clarity Capital Partners LLC grew its stake in shares of Coinbase Global by 11.2% during the second quarter. Clarity Capital Partners LLC now owns 19,809 shares of the cryptocurrency exchange’s stock worth $6,943,000 after purchasing an additional 1,995 shares in the last quarter. Ameritas Advisory Services LLC acquired a new position in shares of Coinbase Global during the second quarter worth $227,000. Oriental Harbor Investment Fund acquired a new position in shares of Coinbase Global during the 2nd quarter worth about $54,699,000. Finally, Cromwell Holdings LLC boosted its position in shares of Coinbase Global by 2,480.0% during the 2nd quarter. Cromwell Holdings LLC now owns 258 shares of the cryptocurrency exchange’s stock worth $90,000 after acquiring an additional 248 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $304.52, for a total transaction of $3,045,200.00. Following the completion of the sale, the insider directly owned 82,328 shares of the company’s stock, valued at $25,070,522.56. This trade represents a 10.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Alesia J. Haas sold 4,675 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $322.24, for a total value of $1,506,472.00. Following the sale, the chief financial officer directly owned 89,220 shares of the company’s stock, valued at approximately $28,750,252.80. This represents a 4.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 714,515 shares of company stock worth $272,046,775 in the last ninety days. Company insiders own 17.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on COIN shares. Monness Crespi & Hardt cut Coinbase Global from a “buy” rating to a “neutral” rating in a research report on Monday, July 28th. Barclays upped their price target on Coinbase Global from $352.00 to $365.00 and gave the company an “equal weight” rating in a report on Friday, August 15th. The Goldman Sachs Group upped their target price on shares of Coinbase Global from $351.00 to $363.00 and gave the company a “neutral” rating in a report on Friday. Mizuho set a $300.00 target price on shares of Coinbase Global in a report on Thursday, September 18th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Coinbase Global from $355.00 to $335.00 and set a “market perform” rating for the company in a report on Monday, August 4th. Fifteen investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $367.27.

Coinbase Global Stock Up 2.1%

Shares of NASDAQ:COIN opened at $380.02 on Friday. The stock has a market cap of $97.64 billion, a P/E ratio of 36.75 and a beta of 3.68. The firm has a fifty day moving average price of $323.62 and a 200 day moving average price of $280.84. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64.

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