Bouvel Investment Partners LLC Makes New Investment in Coinbase Global, Inc. $COIN

Key Points

• Bouvel Investment Partners LLC purchased 7,599 shares of Coinbase Global, Inc. valued at approximately $2,663,000 in the second quarter.
• CEO Brian Armstrong sold 25,000 shares of Coinbase stock for a total of $8,057,000, significantly reducing his ownership by 97.94%.
• Analyst ratings for Coinbase Global show a mix, with an average price target of $356.18 and 13 analysts rating it as a Buy.

Bouvel Investment Partners LLC bought a new position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 7,599 shares of the cryptocurrency exchange's stock, valued at approximately $2,663,000.

Several other hedge funds have also recently bought and sold shares of the business. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Coinbase Global by 4.2% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,015 shares of the cryptocurrency exchange's stock worth $356,000 after purchasing an additional 41 shares during the period. Pallas Capital Advisors LLC raised its holdings in Coinbase Global by 1.6% during the 2nd quarter. Pallas Capital Advisors LLC now owns 2,662 shares of the cryptocurrency exchange's stock worth $933,000 after buying an additional 41 shares during the period. Clare Market Investments LLC raised its holdings in Coinbase Global by 1.8% during the 2nd quarter. Clare Market Investments LLC now owns 2,552 shares of the cryptocurrency exchange's stock worth $894,000 after buying an additional 45 shares during the period. Brooklyn Investment Group increased its holdings in shares of Coinbase Global by 7.1% in the 1st quarter. Brooklyn Investment Group now owns 720 shares of the cryptocurrency exchange's stock valued at $124,000 after purchasing an additional 48 shares during the period. Finally, Rede Wealth LLC increased its holdings in shares of Coinbase Global by 0.6% in the 1st quarter. Rede Wealth LLC now owns 8,027 shares of the cryptocurrency exchange's stock valued at $1,382,000 after purchasing an additional 50 shares during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 25,000 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $322.28, for a total value of $8,057,000.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares of the company's stock, valued at $169,519.28. This trade represents a 97.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $304.52, for a total value of $3,045,200.00. Following the sale, the insider directly owned 82,328 shares of the company's stock, valued at $25,070,522.56. This represents a 10.83% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,202,515 shares of company stock valued at $448,306,941. Company insiders own 23.43% of the company's stock.

Coinbase Global Stock Performance

NASDAQ:COIN traded down $12.48 during trading hours on Tuesday, reaching $319.47. The stock had a trading volume of 5,253,859 shares, compared to its average volume of 11,172,873. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The stock has a 50 day simple moving average of $335.42 and a 200 day simple moving average of $272.61. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The stock has a market cap of $82.09 billion, a P/E ratio of 30.91 and a beta of 3.68.

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 return on equity of 16.02% and a net margin of 40.87%.The firm had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the prior year, the business earned $0.14 earnings per share. The business's quarterly revenue was up 3.3% compared to the same quarter last year. On average, research analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Erste Group Bank started coverage on Coinbase Global in a research report on Wednesday, July 23rd. They issued a "buy" rating for the company. Benchmark raised their price target on Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Sanford C. Bernstein lifted their target price on Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a research report on Wednesday, June 25th. Oppenheimer reaffirmed an "outperform" rating and set a $417.00 price target on shares of Coinbase Global in a research report on Thursday, July 31st. Finally, Needham & Company LLC lifted their target price on Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Thirteen analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Coinbase Global has an average rating of "Hold" and an average price target of $356.18.

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.