Aberdeen Group plc Boosts Stock Position in Coinbase Global, Inc. $COIN

Key Points

• Aberdeen Group plc increased its stake in Coinbase Global by 65.0%, owning 49,220 shares valued at $17.25 million by the end of the second quarter.
• Insider sales have been significant, with Paul Grewal selling 10,000 shares at an average price of $345.88, which represents a 10.83% decrease in his position.
• Analysts are optimistic about Coinbase Global, with upgrades raising target prices significantly, leading to a consensus rating of Moderate Buy and a target of $367.94.

Aberdeen Group plc lifted its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 65.0% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 49,220 shares of the cryptocurrency exchange's stock after acquiring an additional 19,395 shares during the period. Aberdeen Group plc's holdings in Coinbase Global were worth $17,251,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of COIN. Bessemer Group Inc. grew its stake 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 acquiring an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. purchased a new stake in shares of Coinbase Global during the first quarter worth about $30,000. S Bank Fund Management Ltd purchased a new stake in shares of Coinbase Global during the first quarter worth about $31,000. SouthState Corp grew its stake in shares of Coinbase Global by 128.4% during the first quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange's stock worth $32,000 after acquiring an additional 104 shares during the last quarter. Finally, NBT Bank N A NY purchased a new stake in shares of Coinbase Global during the first quarter worth about $33,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $345.88, for a total value of $3,458,800.00. Following the sale, the insider owned 82,328 shares in the company, valued at approximately $28,475,608.64. This represents a 10.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Lawrence J. Brock sold 5,903 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was 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 in the company, valued at approximately $148,834.86. This represents a 92.51% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 174,515 shares of company stock worth $56,329,451. Corporate insiders own 23.43% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Rothschild Redb upgraded Coinbase Global from a "hold" rating to a "strong-buy" rating in a research note on Friday, October 3rd. Rothschild & Co Redburn upgraded Coinbase Global from a "neutral" rating to a "buy" rating and upped their target price for the company from $325.00 to $417.00 in a research report on Friday, October 3rd. JMP Securities upped their target price on Coinbase Global from $400.00 to $440.00 and gave the company a "market outperform" rating in a research report on Monday, July 14th. Argus initiated coverage on Coinbase Global in a research report on Monday, July 14th. They issued a "buy" rating and a $400.00 target price on the stock. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $470.00 target price on shares of Coinbase Global in a research report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Coinbase Global has a consensus rating of "Moderate Buy" and a consensus price target of $367.94.

Coinbase Global Trading Down 4.3%

Coinbase Global stock opened at $341.55 on Wednesday. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The stock's 50 day simple moving average is $326.71 and its two-hundred day simple moving average is $290.13. The firm has a market cap of $87.76 billion, a PE ratio of 33.03 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing the consensus estimate 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 analysts' expectations of $1.68 billion. During the same quarter in the prior year, the company posted $0.14 EPS. The company's revenue for the quarter was up 3.3% on a year-over-year basis. Analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.