Acadian Asset Management LLC Makes New $4.82 Million Investment in Coinbase Global, Inc. $COIN

Key Points

• Acadian Asset Management LLC has acquired a new stake in Coinbase Global, Inc., purchasing 28,015 shares valued at approximately $4.8 million during the first quarter.
• Coinbase reported $0.12 EPS for the last quarter, missing analysts' expectations of $0.91, while its quarterly revenue reached $1.50 billion, slightly below estimates.
• Currently, 68.84% of Coinbase's stock is held by institutional investors, indicating strong endorsement from the investment community.

Acadian Asset Management LLC purchased a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 28,015 shares of the cryptocurrency exchange's stock, valued at approximately $4,818,000.

Other large investors also recently bought and sold shares of the company. Envestnet Asset Management Inc. grew its stake in Coinbase Global by 24.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange's stock valued at $8,861,000 after acquiring an additional 9,952 shares in the last quarter. Amalgamated Bank grew its stake in shares of Coinbase Global by 4.8% in the 1st quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock valued at $2,368,000 after buying an additional 629 shares during the period. GAMMA Investing LLC grew its stake in shares of Coinbase Global by 8.1% in the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock valued at $193,000 after buying an additional 84 shares during the period. Kingswood Wealth Advisors LLC grew its stake in shares of Coinbase Global by 124.5% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange's stock valued at $453,000 after buying an additional 1,454 shares during the period. Finally, Wealthcare Advisory Partners LLC boosted its position in shares of Coinbase Global by 87.0% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 3,355 shares of the cryptocurrency exchange's stock worth $578,000 after purchasing an additional 1,561 shares during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 336,265 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total value of $121,933,051.65. Following the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold a total of 1,180,871 shares of company stock valued at $440,664,276 in the last 90 days. Corporate insiders own 17.65% of the company's stock.

Coinbase Global Stock Performance

Shares of NASDAQ:COIN traded down $0.91 on Friday, reaching $323.04. 6,910,551 shares of the company's stock were exchanged, compared to its average volume of 7,719,376. The business's 50-day moving average is $340.68 and its two-hundred day moving average is $267.27. The firm has a market capitalization of $83.00 billion, a price-to-earnings ratio of 31.24 and a beta of 3.68. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced 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 company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the company earned $0.14 EPS. The business's quarterly revenue was up 3.3% on a year-over-year basis. As a group, equities research analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Analysts Set New Price Targets

COIN has been the subject of a number of research analyst reports. Canaccord Genuity Group reaffirmed a "buy" rating and set a $400.00 price objective on shares of Coinbase Global in a research report on Friday, August 1st. Jefferies Financial Group increased their target price on shares of Coinbase Global from $260.00 to $405.00 and gave the company a "hold" rating in a research report on Tuesday, July 29th. Benchmark increased their target price on shares of Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Barclays raised their price objective on shares of Coinbase Global from $352.00 to $365.00 and gave the stock an "equal weight" rating in a research report on Friday, August 15th. Finally, China Renaissance initiated coverage on shares of Coinbase Global in a research note on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price objective for the company. Thirteen investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $352.72.

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.