Amundi Grows Stake in Coinbase Global, Inc. $COIN

Key Points

• Amundi increased its stake in Coinbase Global, Inc. by 44.1%, acquiring an additional 481,786 shares, bringing its total ownership to approximately 1.57 million shares valued at $268.85 million.
• Coinbase's CEO, Brian Armstrong, sold 336,265 shares for over $121 million, drastically reducing his ownership and highlighting potential insider selling trends within the company.
• Coinbase reported $1.50 billion in revenue for the recent quarter, missing analysts' estimates, and has a current market cap of $77.68 billion, reflecting mixed expectations from equity analysts regarding its stock performance.

Amundi boosted its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 44.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,574,434 shares of the cryptocurrency exchange's stock after acquiring an additional 481,786 shares during the quarter. Amundi owned 0.62% of Coinbase Global worth $268,850,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after acquiring an additional 875,359 shares in the last quarter. ARK Investment Management LLC lifted its position in Coinbase Global by 1.1% in the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock valued at $528,592,000 after acquiring an additional 34,462 shares in the last quarter. Groupama Asset Managment lifted its position in shares of Coinbase Global by 100.0% during the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock worth $516,690,000 after buying an additional 1,500,000 shares in the last quarter. Northern Trust Corp lifted its position in shares of Coinbase Global by 0.6% during the 1st quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange's stock worth $224,318,000 after buying an additional 7,675 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Coinbase Global by 29.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 979,129 shares of the cryptocurrency exchange's stock worth $243,118,000 after buying an additional 222,789 shares in the last quarter. Institutional investors own 68.84% of the company's stock.

Analysts Set New Price Targets

COIN has been the topic of several recent analyst reports. Benchmark lifted their target price on shares of Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. William Blair initiated coverage on shares of Coinbase Global in a research report on Wednesday, June 11th. They set an "outperform" rating on the stock. Rosenblatt Securities reissued a "buy" rating and set a $470.00 target price on shares of Coinbase Global in a research report on Friday, August 1st. Jefferies Financial Group lifted their target price on shares of Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a research report on Tuesday, July 29th. Finally, JMP Securities lifted their target price on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a research report on Monday, July 14th. Thirteen equities research 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. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $352.72.

Coinbase Global Stock Performance

Coinbase Global stock traded down $7.73 during mid-day trading on Friday, reaching $299.07. The company's stock had a trading volume of 11,332,020 shares, compared to its average volume of 8,308,748. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The company has a market capitalization of $76.84 billion, a P/E ratio of 28.92 and a beta of 3.68. 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 firm's fifty day moving average price is $344.04 and its two-hundred day moving average price is $264.19.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share 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 business 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 firm posted $0.14 earnings per share. The firm's quarterly revenue was up 3.3% on a year-over-year basis. Sell-side analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Brian Armstrong sold 336,265 shares of Coinbase Global stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the completion of the transaction, the chief executive officer directly owned 526 shares in the company, valued at approximately $190,732.86. The trade was a 99.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders have sold 1,180,871 shares of company stock valued at $439,493,026. 17.65% of the stock is currently owned by insiders.

Coinbase Global 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.