Aragon Global Management LP Makes New Investment in Coinbase Global, Inc. $COIN

Key Points

• Aragon Global Management LP invested approximately $871,000 in Coinbase Global, purchasing 5,055 shares, making it the firm's 22nd largest holding.
• Several hedge funds have significantly increased their positions in Coinbase, with Groupama Asset Management doubling its stake and Vanguard Group holding over 19 million shares valued at approximately $3.32 billion.
• Coinbase's latest earnings report revealed a net margin of 40.87% and a quarterly revenue of $1.50 billion, which was below estimates, with a projection of 7.22 earnings per share for the current year.

Aragon Global Management LP bought a new position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 5,055 shares of the cryptocurrency exchange's stock, valued at approximately $871,000. Coinbase Global comprises about 0.3% of Aragon Global Management LP's investment portfolio, making the stock its 22nd largest holding.

Several other hedge funds also recently bought and sold shares of COIN. Groupama Asset Managment increased its position in Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock worth $516,690,000 after purchasing an additional 1,500,000 shares during the last quarter. Vanguard Group Inc. increased 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 worth $3,323,084,000 after purchasing an additional 875,359 shares during the last quarter. Nuveen LLC acquired a new position in Coinbase Global in the 1st quarter worth about $83,454,000. Two Sigma Advisers LP increased its position in Coinbase Global by 445.4% in the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange's stock worth $101,431,000 after purchasing an additional 333,600 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in Coinbase Global by 1,159.9% in the 4th quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange's stock worth $81,612,000 after purchasing an additional 302,595 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $308.47 on Friday. The business has a 50 day moving average price of $348.51 and a 200 day moving average price of $263.03. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The company has a market cap of $79.26 billion, a price-to-earnings ratio of 29.83 and a beta of 3.70. 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 (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share 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 business had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the company earned $0.14 EPS. Coinbase Global's revenue for the quarter was up 3.3% compared to the same quarter last year. Research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 15,439 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the sale, the insider owned 82,328 shares in the company, valued at approximately $25,587,542.40. This trade represents a 15.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jennifer N. Jones sold 1,756 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $300.52, for a total value of $527,713.12. The disclosure for this sale can be found here. Insiders have sold 1,195,871 shares of company stock worth $442,626,576 in the last 90 days. 17.65% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Canaccord Genuity Group reissued a "buy" rating and set a $400.00 price objective on shares of Coinbase Global in a report on Friday, August 1st. Compass Point reissued a "sell" rating and set a $248.00 price objective (down previously from $330.00) on shares of Coinbase Global in a report on Monday, August 4th. China Renaissance assumed coverage on Coinbase Global in a report on Tuesday, June 17th. They set a "buy" rating and a $353.30 price objective on the stock. Jefferies Financial Group increased their price objective on Coinbase Global from $260.00 to $405.00 and gave the company a "hold" rating in a report on Tuesday, July 29th. Finally, Piper Sandler reissued a "neutral" rating and set a $350.00 price objective on shares of Coinbase Global in a report on Thursday, July 31st. Thirteen research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $352.72.

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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