Wealthquest Corp Purchases Shares of 5,018 Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Wealthquest Corp purchased 5,018 shares of Coinbase Global, Inc. valued at approximately $864,000 in the first quarter, according to their 13F filing with the SEC.
• Coinbase Global reported an earnings miss with $0.12 EPS for the quarter, falling short of the consensus estimate of $0.91, while their revenue was $1.50 billion, below the expected $1.68 billion.
• Currently, institutional investors and hedge funds hold 68.84% of Coinbase's stock, reflecting strong interest from institutional investors.

Wealthquest Corp purchased a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 5,018 shares of the cryptocurrency exchange's stock, valued at approximately $864,000.

A number of other large investors have also added to or reduced their stakes in the company. Two Sigma Advisers LP increased its stake in shares of Coinbase Global by 445.4% in the fourth quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange's stock worth $101,431,000 after buying an additional 333,600 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Coinbase Global by 1,159.9% in the fourth quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange's stock worth $81,612,000 after buying an additional 302,595 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Coinbase Global by 614.8% in the fourth quarter. Franklin Resources Inc. now owns 343,348 shares of the cryptocurrency exchange's stock worth $85,253,000 after buying an additional 295,313 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Coinbase Global by 29.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 979,129 shares of the cryptocurrency exchange's stock worth $243,118,000 after buying an additional 222,789 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Coinbase Global by 20.3% in the fourth quarter. Northern Trust Corp now owns 1,294,758 shares of the cryptocurrency exchange's stock worth $321,488,000 after buying an additional 218,400 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

COIN has been the subject of a number of research analyst reports. Cantor Fitzgerald assumed coverage on shares of Coinbase Global in a research note on Tuesday, April 8th. They issued an "overweight" rating and a $245.00 price target for the company. JPMorgan Chase & Co. lowered their target price on shares of Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Rosenblatt Securities reiterated a "buy" rating and set a $470.00 target price on shares of Coinbase Global in a research note on Friday. Canaccord Genuity Group reiterated a "buy" rating and set a $400.00 target price on shares of Coinbase Global in a research note on Friday. Finally, Citigroup boosted their target price on shares of Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global currently has an average rating of "Hold" and an average price target of $352.18.

Insider Buying and Selling

In related news, CFO Alesia J. Haas sold 3,000 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $360.20, for a total value of $1,080,600.00. Following the completion of the sale, the chief financial officer owned 97,366 shares of the company's stock, valued at $35,071,233.20. This represents a 2.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Brian Armstrong sold 198,300 shares of the company's stock in a transaction dated 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. The trade was a 99.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,183,340 shares of company stock valued at $434,983,956 over the last 90 days. 23.43% of the stock is currently owned by company insiders.

Coinbase Global Stock Performance

Shares of Coinbase Global stock traded up $3.22 during trading on Monday, hitting $317.91. 8,678,126 shares of the stock were exchanged, compared to its average volume of 11,537,651. The stock's fifty day moving average is $327.63 and its 200 day moving average is $259.38. The stock has a market cap of $80.71 billion, a PE ratio of 30.77, a P/E/G ratio of 21.92 and a beta of 3.70. 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, 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 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 analyst estimates of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%. The business's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.14 EPS. As a group, sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS 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.