111 Capital Makes New $813,000 Investment in Coinbase Global, Inc. $COIN

Key Points

• 111 Capital has invested approximately $813,000 in Coinbase Global, purchasing 2,321 shares during the 2nd quarter.
• Coinbase reported a Q2 earnings miss with earnings per share of $0.12, falling short of analyst expectations of $0.91.
• Analysts have a consensus rating of "Moderate Buy" for Coinbase with an average target price of $367.27, reflecting positive market sentiment despite recent earnings results.

111 Capital purchased a new position in Coinbase Global, Inc. (NASDAQ:COIN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,321 shares of the cryptocurrency exchange's stock, valued at approximately $813,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Ameriflex Group Inc. grew its stake in shares of Coinbase Global by 20.0% in the 2nd quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange's stock worth $68,000 after buying an additional 30 shares during the last quarter. Grassi Investment Management purchased a new stake in shares of Coinbase Global in the 2nd quarter worth approximately $228,000. Ascent Group LLC purchased a new stake in shares of Coinbase Global in the 2nd quarter worth approximately $411,000. Clarity Capital Partners LLC grew its stake in shares of Coinbase Global by 11.2% in the 2nd quarter. Clarity Capital Partners LLC now owns 19,809 shares of the cryptocurrency exchange's stock worth $6,943,000 after buying an additional 1,995 shares during the last quarter. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of Coinbase Global in the 2nd quarter worth approximately $227,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $380.02 on Friday. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64. The stock's fifty day moving average is $323.62 and its 200 day moving average is $281.47. The stock has a market cap of $97.64 billion, a P/E ratio of 36.75 and a beta of 3.68. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 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 company 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 posted $0.14 earnings per share. Coinbase Global's revenue for the quarter was up 3.3% compared to the same quarter last year. Sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Jennifer N. Jones sold 1,756 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $300.52, for a total transaction of $527,713.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alesia J. Haas sold 4,675 shares of the firm's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $322.24, for a total value of $1,506,472.00. Following the transaction, the chief financial officer owned 89,220 shares of the company's stock, valued at approximately $28,750,252.80. The trade was a 4.98% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 714,515 shares of company stock worth $272,046,775 in the last three months. 17.65% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on COIN shares. China Renaissance started coverage on Coinbase Global in a research note on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price target on the stock. Benchmark upped their price target on Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. Rosenblatt Securities restated a "buy" rating and issued a $470.00 price target on shares of Coinbase Global in a research note on Friday, August 1st. Argus began coverage on Coinbase Global in a research report on Monday, July 14th. They issued a "buy" rating and a $400.00 price objective on the stock. Finally, The Goldman Sachs Group upped their price objective on Coinbase Global from $351.00 to $363.00 and gave the company a "neutral" rating in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Coinbase Global presently has a consensus rating of "Moderate Buy" and an average target price of $367.27.

Coinbase Global 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.

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