Accuvest Global Advisors Purchases Shares of 1,775 Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Accuvest Global Advisors purchased 1,775 shares of Coinbase Global, Inc., valued at approximately $306,000, marking a new investment in the cryptocurrency exchange.
• Major institutional investors, including Vanguard Group Inc. and ARK Investment Management LLC, have increased their stakes in Coinbase, with a combined ownership of over 68.84% of the stock.
• Recent analysts' reports exhibit mixed ratings for Coinbase, with the average target price set at $352.18 and several firms issuing both buy and hold ratings.

Accuvest Global Advisors acquired a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 1,775 shares of the cryptocurrency exchange's stock, valued at approximately $306,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Vivaldi Capital Management LP increased its holdings in Coinbase Global by 0.3% during the 4th quarter. Vivaldi Capital Management LP now owns 13,843 shares of the cryptocurrency exchange's stock worth $3,437,000 after purchasing an additional 47 shares during the last quarter. MetLife Investment Management LLC increased its holdings in Coinbase Global by 0.5% during the 4th quarter. MetLife Investment Management LLC now owns 11,061 shares of the cryptocurrency exchange's stock worth $2,746,000 after purchasing an additional 55 shares during the last quarter. Callan Capital LLC increased its holdings in Coinbase Global by 5.1% during the 1st quarter. Callan Capital LLC now owns 1,247 shares of the cryptocurrency exchange's stock worth $215,000 after purchasing an additional 61 shares during the last quarter. Emory University increased its holdings in Coinbase Global by 1.5% during the 4th quarter. Emory University now owns 4,376 shares of the cryptocurrency exchange's stock worth $1,087,000 after purchasing an additional 64 shares during the last quarter. Finally, TRU Independence Asset Management 2 LLC increased its holdings in Coinbase Global by 2.7% during the 1st quarter. TRU Independence Asset Management 2 LLC now owns 2,493 shares of the cryptocurrency exchange's stock worth $429,000 after purchasing an additional 65 shares during the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on COIN. Compass Point reiterated a "sell" rating and issued a $248.00 target price (down previously from $330.00) on shares of Coinbase Global in a research report on Monday, August 4th. 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. Citigroup lifted their target price on Coinbase Global from $270.00 to $505.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. William Blair began coverage on Coinbase Global in a research report on Wednesday, June 11th. They issued an "outperform" rating for the company. Finally, Monness Crespi & Hardt lowered Coinbase Global from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Coinbase Global currently has a consensus rating of "Hold" and a consensus target price of $352.18.

Coinbase Global Stock Performance

Shares of COIN stock traded down $0.25 during trading on Friday, hitting $310.54. The company's stock had a trading volume of 9,219,479 shares, compared to its average volume of 15,007,430. The company has a market cap of $79.79 billion, a PE ratio of 30.03, a P/E/G ratio of 26.87 and a beta of 3.70. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The business has a fifty day moving average of $332.88 and a 200-day moving average of $260.08. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week 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 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The firm had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the previous year, the company posted $0.14 EPS. Coinbase Global's revenue for the quarter was up 3.3% on a year-over-year basis. As a group, research analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Paul Grewal sold 10,000 shares of the company's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $348.64, for a total value of $3,486,400.00. Following the transaction, the insider owned 82,328 shares of the company's stock, valued at approximately $28,702,833.92. This represents a 10.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Alesia J. Haas sold 3,000 shares of the stock in a transaction on 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 transaction, the chief financial officer directly owned 97,366 shares in the company, valued at approximately $35,071,233.20. This represents a 2.99% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,208,340 shares of company stock valued at $442,911,206. Corporate insiders own 17.65% of the company's stock.

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.