1,173 Shares in Coinbase Global, Inc. $COIN Bought by Ascent Group LLC

Key Points

• Ascent Group LLC acquired 1,173 shares of Coinbase Global, Inc. during the second quarter, valued at approximately $411,000, highlighting growing institutional interest in the cryptocurrency exchange.
• Coinbase's recent earnings report showed a miss on EPS estimates, posting $0.12 against a consensus of $0.91, with revenue of $1.50 billion compared to expectations of $1.68 billion.
• The average analyst rating for Coinbase Global is currently a "Moderate Buy", with a consensus price target of $367.27.

Ascent Group LLC purchased a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,173 shares of the cryptocurrency exchange's stock, valued at approximately $411,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Merit Financial Group LLC lifted its holdings in Coinbase Global by 50.2% in the 1st quarter. Merit Financial Group LLC now owns 1,949 shares of the cryptocurrency exchange's stock worth $336,000 after buying an additional 651 shares in the last quarter. Wedmont Private Capital lifted its holdings in Coinbase Global by 78.8% in the 1st quarter. Wedmont Private Capital now owns 3,158 shares of the cryptocurrency exchange's stock worth $554,000 after buying an additional 1,392 shares in the last quarter. Miracle Mile Advisors LLC lifted its holdings in Coinbase Global by 21.7% in the 1st quarter. Miracle Mile Advisors LLC now owns 1,765 shares of the cryptocurrency exchange's stock worth $304,000 after buying an additional 315 shares in the last quarter. Park Avenue Securities LLC raised its stake in shares of Coinbase Global by 8.5% in the 1st quarter. Park Avenue Securities LLC now owns 3,599 shares of the cryptocurrency exchange's stock valued at $620,000 after purchasing an additional 282 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of Coinbase Global by 44.2% in the 1st quarter. Farther Finance Advisors LLC now owns 1,390 shares of the cryptocurrency exchange's stock valued at $243,000 after purchasing an additional 426 shares in the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on COIN shares. Canaccord Genuity Group restated a "buy" rating and issued a $400.00 target price on shares of Coinbase Global in a research note on Friday, August 1st. Sanford C. Bernstein upped their target price on shares of Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. Oppenheimer restated an "outperform" rating and issued a $417.00 target price on shares of Coinbase Global in a research note on Thursday, July 31st. Rothschild & Co Redburn upgraded shares of Coinbase Global from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $325.00 to $417.00 in a research note on Friday, October 3rd. Finally, Mizuho set a $300.00 price objective on shares of Coinbase Global in a research note on Thursday, September 18th. 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 given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $367.27.

Coinbase Global Trading Down 2.7%

Coinbase Global stock opened at $375.78 on Wednesday. The firm has a 50 day simple moving average of $323.84 and a 200-day simple moving average of $284.12. 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 stock has a market capitalization of $96.55 billion, a PE ratio of 36.34 and a beta of 3.68. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64.

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

Insider Activity at Coinbase Global

In other news, CEO Brian Armstrong sold 198,300 shares of the firm's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the sale, the chief executive officer directly owned 526 shares of the company's stock, valued at $209,279.62. This trade represents a 99.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul Grewal sold 15,439 shares of the firm's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $310.80, for a total value of $4,798,441.20. Following the sale, the insider directly owned 82,328 shares of the company's stock, valued at approximately $25,587,542.40. This represents a 15.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 739,515 shares of company stock worth $280,933,525. 23.43% of the stock is currently owned by company insiders.

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.

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