Ariose Capital Management Ltd Invests $3.44 Million in Coinbase Global, Inc. $COIN

Key Points

• Ariose Capital Management Ltd has invested approximately $3.44 million in Coinbase Global by acquiring 9,800 shares, which now makes up around 2.2% of their investment portfolio.
• Insider transactions at Coinbase include significant sales by Lawrence J. Brock and CEO Brian Armstrong, with the latter selling 25,000 shares for about $8 million, indicating a notable reduction in their ownership stakes.
• Coinbase Global has faced mixed analyst ratings, with the stock receiving a consensus rating of "Hold" and an average target price of $356.18, despite a recent report revealing earnings that fell short of expectations.

Ariose Capital Management Ltd bought a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 9,800 shares of the cryptocurrency exchange's stock, valued at approximately $3,435,000. Coinbase Global accounts for approximately 2.2% of Ariose Capital Management Ltd's investment portfolio, making the stock its 12th biggest holding.

Other institutional investors also recently added to or reduced their stakes in the company. Cadent Capital Advisors LLC raised its stake in shares of Coinbase Global by 1.0% in the 2nd quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange's stock valued at $1,108,000 after buying an additional 30 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Coinbase Global by 4.2% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,015 shares of the cryptocurrency exchange's stock valued at $356,000 after acquiring an additional 41 shares in the last quarter. Pallas Capital Advisors LLC increased its stake in Coinbase Global by 1.6% in the second quarter. Pallas Capital Advisors LLC now owns 2,662 shares of the cryptocurrency exchange's stock valued at $933,000 after acquiring an additional 41 shares during the period. Clare Market Investments LLC raised its stake in Coinbase Global by 1.8% during the second quarter. Clare Market Investments LLC now owns 2,552 shares of the cryptocurrency exchange's stock worth $894,000 after acquiring an additional 45 shares in the last quarter. Finally, Brooklyn Investment Group increased its stake in Coinbase Global by 7.1% in the first quarter. Brooklyn Investment Group now owns 720 shares of the cryptocurrency exchange's stock valued at $124,000 after purchasing an additional 48 shares in the last quarter. 68.84% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

COIN has been the subject of several research analyst reports. Keefe, Bruyette & Woods reduced their price target on shares of Coinbase Global from $355.00 to $335.00 and set a "market perform" rating for the company in a report on Monday, August 4th. Barclays upped their price target 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. Needham & Company LLC upped their price objective on Coinbase Global from $270.00 to $400.00 and gave the company a "buy" rating in a research note 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 note on Tuesday, July 29th. Finally, The Goldman Sachs Group increased their price target on Coinbase Global from $239.00 to $268.00 and gave the company a "neutral" rating in a research note on Monday, July 7th. Thirteen research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Coinbase Global has a consensus rating of "Hold" and an average target price of $356.18.

Insider Transactions at Coinbase Global

In related news, insider Lawrence J. Brock sold 5,903 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $311.37, for a total value of $1,838,017.11. Following the completion of the sale, the insider directly owned 478 shares in the company, valued at approximately $148,834.86. The trade was a 92.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Brian Armstrong sold 25,000 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $322.28, for a total value of $8,057,000.00. Following the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $169,519.28. This trade represents a 97.94% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 749,515 shares of company stock worth $283,990,425. Company insiders own 17.65% of the company's stock.

Coinbase Global Stock Performance

Shares of NASDAQ COIN opened at $312.59 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. The firm has a market cap of $80.32 billion, a price-to-earnings ratio of 30.23 and a beta of 3.68. The stock's fifty day moving average price is $328.31 and its two-hundred day moving average price is $275.57. Coinbase Global, Inc. has a one year low of $142.58 and a one year 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 business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the firm posted $0.14 EPS. The company's revenue was up 3.3% compared to the same quarter last year. On average, equities analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

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.

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