Alta Advisers Ltd Takes Position in Coinbase Global, Inc. $COIN

Key Points

• Alta Advisers Ltd has acquired a new position in Coinbase Global, Inc., purchasing 1,086 shares valued at approximately $381,000 during the 2nd quarter.
• Coinbase reported an earnings miss with $0.12 EPS for the last quarter, significantly below the consensus estimate of $0.91 EPS, and revenue of $1.50 billion, which was short of expectations.
• Insider trading activity includes significant stock sales by CEO Brian Armstrong and insider Paul Grewal, with over 721,764 shares sold by insiders in the last three months.

Alta Advisers Ltd bought a new stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,086 shares of the cryptocurrency exchange's stock, valued at approximately $381,000.

A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Coinbase Global by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after purchasing an additional 875,359 shares in the last quarter. ARK Investment Management LLC lifted its position in Coinbase Global by 1.1% during the first quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock valued at $528,592,000 after purchasing an additional 34,462 shares during the last quarter. Groupama Asset Managment lifted its position in Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after purchasing an additional 1,500,000 shares during the last quarter. Amundi lifted its position in Coinbase Global by 44.1% during the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock valued at $268,850,000 after purchasing an additional 481,786 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Coinbase Global by 0.6% during the first quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange's stock valued at $224,318,000 after purchasing an additional 7,675 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Down 7.7%

Shares of NASDAQ COIN opened at $357.01 on Friday. 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 52 week low of $142.58 and a 52 week high of $444.64. The firm's fifty day moving average is $325.06 and its 200 day moving average is $287.80. The company has a market cap of $91.73 billion, a price-to-earnings ratio of 34.53 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its earnings results 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 firm had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the previous year, the firm earned $0.14 earnings per share. The firm's quarterly revenue was up 3.3% compared to the same quarter last year. On average, equities research analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. China Renaissance assumed coverage on shares of Coinbase Global in a research report on Tuesday, June 17th. They set a "buy" rating and a $353.30 target price for the company. BTIG Research assumed coverage on shares of Coinbase Global in a research report on Wednesday, October 1st. They set a "buy" rating and a $410.00 target price for the company. Rothschild Redb upgraded shares of Coinbase Global from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 3rd. Oppenheimer reiterated an "outperform" rating and set a $417.00 target price on shares of Coinbase Global in a research report on Thursday, July 31st. Finally, Benchmark lifted their price target on shares of Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $367.12.

Insider Buying and Selling at Coinbase Global

In related news, insider Paul Grewal sold 15,439 shares of Coinbase Global stock in a transaction on Monday, August 25th. The shares were sold at an average price of $310.80, for a total value of $4,798,441.20. Following the transaction, the insider directly owned 82,328 shares of the company's stock, valued at $25,587,542.40. The trade was a 15.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian Armstrong sold 198,300 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the transaction, the chief executive officer directly owned 526 shares in the company, valued at approximately $209,279.62. The trade was a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 721,764 shares of company stock worth $273,595,798. 17.65% of the stock is owned by insiders.

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.

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