ARK Investment Management LLC Has $919.39 Million Stake in Coinbase Global, Inc. $COIN

Key Points

• ARK Investment Management LLC decreased its stake in Coinbase Global, Inc. by 14.5% in Q2, holding about 2.6 million shares valued at approximately $919.39 million.
• CEO Brian Armstrong sold 25,000 shares for over $9 million, significantly reducing his ownership by nearly 98%.
• Coinbase Global's recent earnings report revealed a net loss of $0.79 per share, missing analyst expectations, alongside a revenue of $1.50 billion.

ARK Investment Management LLC lessened its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 14.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,623,150 shares of the cryptocurrency exchange's stock after selling 445,957 shares during the quarter. Coinbase Global accounts for approximately 6.7% of ARK Investment Management LLC's portfolio, making the stock its 2nd largest position. ARK Investment Management LLC owned about 1.03% of Coinbase Global worth $919,388,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of COIN. GAMMA Investing LLC increased its stake in Coinbase Global by 8.1% during the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock valued at $193,000 after purchasing an additional 84 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Coinbase Global by 40.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,852 shares of the cryptocurrency exchange's stock worth $2,213,000 after acquiring an additional 3,695 shares in the last quarter. PFG Investments LLC grew its stake in shares of Coinbase Global by 31.1% in the 1st quarter. PFG Investments LLC now owns 2,396 shares of the cryptocurrency exchange's stock worth $413,000 after acquiring an additional 569 shares in the last quarter. Kentucky Retirement Systems bought a new stake in shares of Coinbase Global in the 1st quarter worth $2,382,000. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Coinbase Global in the 1st quarter worth $1,015,000. Institutional investors own 68.84% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on COIN shares. Erste Group Bank started coverage on shares of Coinbase Global in a research note on Wednesday, July 23rd. They issued a "buy" rating for the company. JMP Securities upped 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 note on Monday, July 14th. Monness Crespi & Hardt lowered shares of Coinbase Global from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. Canaccord Genuity Group reiterated a "buy" rating and issued a $400.00 target price on shares of Coinbase Global in a research note on Friday, August 1st. Finally, Bank of America reduced their price target on shares of Coinbase Global from $369.00 to $340.00 in a research report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Coinbase Global presently has an average rating of "Moderate Buy" and an average target price of $369.01.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of the company's stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $361.32, for a total transaction of $9,033,000.00. Following the sale, the chief executive officer directly owned 526 shares of the company's stock, valued at $190,054.32. This represents a 97.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Alesia J. Haas sold 4,400 shares of the company's stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $344.41, for a total transaction of $1,515,404.00. Following the sale, the chief financial officer directly owned 84,820 shares in the company, valued at approximately $29,212,856.20. This trade represents a 4.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 205,657 shares of company stock valued at $67,479,576 over the last three months. 23.43% of the stock is currently owned by insiders.

Coinbase Global Price Performance

COIN opened at $338.62 on Wednesday. The firm has a market cap of $87.01 billion, a P/E ratio of 32.75 and a beta of 3.68. The firm has a 50-day moving average of $329.07 and a 200 day moving average of $295.86. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released 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). The business had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. Coinbase Global's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period last year, the company earned $0.14 earnings per share. On average, research analysts expect 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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