Trust Asset Management LLC Invests $837,000 in Coinbase Global, Inc. $COIN

Trust Asset Management LLC bought a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 2,389 shares of the cryptocurrency exchange’s stock, valued at approximately $837,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Bessemer Group Inc. lifted its position in shares of Coinbase Global by 297.4% during the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock worth $26,000 after purchasing an additional 113 shares during the last quarter. North Star Investment Management Corp. bought a new position in shares of Coinbase Global during the second quarter worth about $55,000. McClarren Financial Advisors Inc. bought a new position in shares of Coinbase Global during the first quarter worth about $30,000. S Bank Fund Management Ltd bought a new position in shares of Coinbase Global during the first quarter worth about $31,000. Finally, Ameriflex Group Inc. lifted its position in shares of Coinbase Global by 20.0% during the second quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange’s stock worth $68,000 after purchasing an additional 30 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $304.52, for a total value of $3,045,200.00. Following the sale, the insider owned 82,328 shares in the company, valued at approximately $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 can be accessed through this link. Also, insider Lawrence J. Brock sold 5,903 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $311.37, for a total transaction of $1,838,017.11. Following the completion of the sale, the insider owned 478 shares in the company, valued at $148,834.86. The trade was a 92.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 739,515 shares of company stock valued at $280,933,525 in the last ninety days. Insiders own 23.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. China Renaissance assumed coverage on shares of Coinbase Global in a research report on Tuesday, June 17th. They set a “buy” rating and a $353.30 price target on the stock. Williams Trading set a $405.00 price target on shares of Coinbase Global in a research report on Thursday, July 31st. Rosenblatt Securities reaffirmed a “buy” rating and set a $470.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. Bank of America reduced their price target on shares of Coinbase Global from $369.00 to $340.00 in a research report on Wednesday, October 1st. Finally, Rothschild Redb raised shares of Coinbase Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Coinbase Global currently has an average rating of “Moderate Buy” and a consensus target price of $367.27.

Coinbase Global Stock Performance

Shares of NASDAQ COIN opened at $375.78 on Wednesday. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The firm’s 50-day moving average price is $323.84 and its two-hundred day moving average price is $284.12. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $444.64. The stock has a market capitalization of $96.55 billion, a P/E ratio of 36.34 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN) last issued its 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 return on equity of 16.02% and a net margin of 40.87%.The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the business earned $0.14 EPS. The business’s revenue was up 3.3% on a year-over-year basis. As a group, sell-side analysts forecast 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.