Exchange Traded Concepts LLC Increases Position in Coinbase Global, Inc. (NASDAQ:COIN)

Exchange Traded Concepts LLC increased its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 25.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 82,668 shares of the cryptocurrency exchange’s stock after buying an additional 16,907 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Coinbase Global were worth $14,729,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. WNY Asset Management LLC acquired a new stake in Coinbase Global during the fourth quarter worth about $453,000. Scarborough Advisors LLC purchased a new stake in shares of Coinbase Global during the 4th quarter valued at approximately $53,000. Integrated Advisors Network LLC lifted its holdings in Coinbase Global by 1.7% in the fourth quarter. Integrated Advisors Network LLC now owns 5,775 shares of the cryptocurrency exchange’s stock valued at $1,004,000 after acquiring an additional 96 shares during the last quarter. Syon Capital LLC purchased a new position in Coinbase Global in the fourth quarter worth approximately $289,000. Finally, Creekmur Asset Management LLC acquired a new stake in Coinbase Global during the fourth quarter worth $27,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on COIN shares. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a report on Friday, August 2nd. Citigroup raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and increased their target price for the stock from $260.00 to $345.00 in a research note on Tuesday, July 23rd. JMP Securities reiterated a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a research report on Wednesday. Needham & Company LLC restated a “buy” rating and issued a $260.00 price objective on shares of Coinbase Global in a report on Monday, August 5th. Finally, HC Wainwright dropped their target price on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $246.44.

Insider Activity at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total value of $4,013,434.75. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at $91,487.18. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $235.75, for a total transaction of $2,357,500.00. Following the completion of the sale, the insider now owns 71,195 shares in the company, valued at approximately $16,784,221.25. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total value of $4,013,434.75. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $91,487.18. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 80,037 shares of company stock valued at $15,512,370. Corporate insiders own 23.43% of the company’s stock.

Coinbase Global Stock Performance

Shares of NASDAQ COIN opened at $176.38 on Friday. The stock has a market capitalization of $43.83 billion, a P/E ratio of 31.67 and a beta of 3.35. Coinbase Global, Inc. has a 52-week low of $70.42 and a 52-week high of $283.48. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51. The firm’s 50-day moving average price is $178.63 and its two-hundred day moving average price is $213.23.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The company’s revenue for the quarter was up 104.8% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.42) EPS. As a group, sell-side analysts forecast that Coinbase Global, Inc. will post 3.92 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.