SCS Capital Management LLC Acquires New Holdings in Coinbase Global, Inc. $COIN

Key Points

• SCS Capital Management LLC purchased **2,637 shares** of **Coinbase Global, Inc.** for approximately **$454,000**, indicating growing institutional interest in the cryptocurrency exchange.
• Coinbase reported earnings of **$0.12 per share**, missing estimates by **$0.79**, with revenue of **$1.50 billion**, showing a **3.3% year-over-year increase**.
• Recent insider trading saw significant share sales, with CEO **Brian Armstrong** selling **25,000 shares**, highlighting potential concerns about insider sentiment in the company.

SCS Capital Management LLC bought a new stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 2,637 shares of the cryptocurrency exchange's stock, valued at approximately $454,000.

A number of other hedge funds have also made changes to their positions in the company. Mascagni Wealth Management Inc. bought a new position in Coinbase Global during the 4th quarter valued at about $25,000. Copia Wealth Management acquired a new stake in shares of Coinbase Global during the fourth quarter worth approximately $26,000. Bessemer Group Inc. increased its holdings 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 buying an additional 113 shares in the last quarter. McClarren Financial Advisors Inc. bought a new position in shares of Coinbase Global in the first quarter valued at approximately $30,000. Finally, S Bank Fund Management Ltd acquired a new position in shares of Coinbase Global in the 1st quarter worth approximately $31,000. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Trading Down 0.3%

COIN stock traded down $0.91 during midday trading on Friday, reaching $323.04. The stock had a trading volume of 6,910,551 shares, compared to its average volume of 7,671,783. The firm has a market cap of $83.00 billion, a price-to-earnings ratio of 31.24 and a beta of 3.68. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. 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 business has a fifty day simple moving average of $340.68 and a two-hundred day simple moving average of $267.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released 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 net margin of 40.87% and a return on equity of 16.02%. The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the company posted $0.14 earnings per share. The business's revenue for the quarter was up 3.3% on a year-over-year basis. As a group, research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $304.52, for a total value of $3,045,200.00. Following the transaction, the insider directly owned 82,328 shares in the company, valued at $25,070,522.56. This trade represents a 10.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Lawrence J. Brock sold 5,903 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $311.37, for a total value of $1,838,017.11. Following the completion of the sale, the insider owned 478 shares of the company's stock, valued at $148,834.86. This represents a 92.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,180,871 shares of company stock worth $440,664,276 over the last quarter. 23.43% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. 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. Benchmark raised their target price on Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. Oppenheimer reaffirmed an "outperform" rating and issued a $417.00 price target on shares of Coinbase Global in a report on Thursday, July 31st. The Goldman Sachs Group increased their price objective on shares of Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a report on Monday, July 7th. Finally, Needham & Company LLC boosted their target price on shares of Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Thirteen investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Coinbase Global currently has an average rating of "Hold" and a consensus target price of $352.72.

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.