Joseph P. Lucia & Associates LLC Takes Position in Coinbase Global, Inc. $COIN

Joseph P. Lucia & Associates LLC acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 655 shares of the cryptocurrency exchange’s stock, valued at approximately $230,000.

A number of other hedge funds also recently made changes to their positions in COIN. Groupama Asset Managment lifted 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 valued at $516,690,000 after buying an additional 1,500,000 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Coinbase Global by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock worth $3,323,084,000 after purchasing an additional 875,359 shares during the last quarter. Nuveen LLC acquired a new stake in Coinbase Global during the 1st quarter worth approximately $83,454,000. Amundi lifted its holdings in Coinbase Global by 44.1% during the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock worth $268,850,000 after purchasing an additional 481,786 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Coinbase Global by 2,647.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 198,526 shares of the cryptocurrency exchange’s stock worth $66,572,000 after purchasing an additional 191,300 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Lawrence J. Brock sold 5,903 shares of Coinbase Global stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $311.37, for a total value of $1,838,017.11. Following the transaction, the insider owned 478 shares in the company, valued at approximately $148,834.86. This trade represents a 92.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction on 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 completion of the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $186,977.22. The trade was a 97.94% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 205,657 shares of company stock worth $67,479,576. Insiders own 23.43% of the company’s stock.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $336.02 on Monday. The stock has a market capitalization of $86.34 billion, a PE ratio of 32.50 and a beta of 3.68. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. The business has a fifty day moving average price of $328.26 and a two-hundred day moving average price of $294.28. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64.

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

Analyst Upgrades and Downgrades

Several research firms recently weighed in on COIN. JMP Securities lifted their price target on Coinbase Global from $400.00 to $440.00 and gave the stock a “market outperform” rating in a report on Monday, July 14th. Keefe, Bruyette & Woods dropped their price target on Coinbase Global from $355.00 to $335.00 and set a “market perform” rating for the company in a report on Monday, August 4th. Rothschild & Co Redburn raised Coinbase Global from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $325.00 to $417.00 in a report on Friday, October 3rd. Redburn Partners set a $417.00 price target on Coinbase Global in a report on Friday, October 3rd. Finally, Compass Point reissued a “sell” rating and set a $248.00 price target (down from $330.00) on shares of Coinbase Global in a report on Monday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $367.94.

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.