ARK Investment Management LLC Raises Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• ARK Investment Management LLC increased its stake in Coinbase Global by 1.1%, owning approximately 3,069,107 shares, which constitutes 5.2% of its portfolio.
• Coinbase's stock has recently seen attention from multiple institutional investors, with Kingswood Wealth Advisors LLC raising their stake by an impressive 124.5% in the first quarter.
• Research analysts have a consensus rating of "Moderate Buy" for Coinbase Global, with an average target price of $320.06, indicating a positive outlook on the company's growth prospects.

ARK Investment Management LLC boosted its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 1.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,069,107 shares of the cryptocurrency exchange's stock after buying an additional 34,462 shares during the period. Coinbase Global accounts for 5.2% of ARK Investment Management LLC's portfolio, making the stock its 5th biggest holding. ARK Investment Management LLC owned about 1.21% of Coinbase Global worth $528,592,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Envestnet Asset Management Inc. boosted its holdings in shares of Coinbase Global by 24.0% in the first quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange's stock valued at $8,861,000 after acquiring an additional 9,952 shares in the last quarter. Amalgamated Bank lifted its position in Coinbase Global by 4.8% in the first quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock worth $2,368,000 after purchasing an additional 629 shares during the period. KCM Investment Advisors LLC bought a new position in Coinbase Global during the 4th quarter valued at $507,000. GAMMA Investing LLC increased its position in shares of 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 during the period. Finally, Kingswood Wealth Advisors LLC raised its stake in shares of Coinbase Global by 124.5% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange's stock worth $453,000 after buying an additional 1,454 shares in the last quarter. Institutional investors own 68.84% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Compass Point raised Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 target price for the company in a research note on Monday, May 12th. JMP Securities raised their price objective on shares of Coinbase Global from $400.00 to $440.00 and gave the company a "market outperform" rating in a research report on Monday, July 14th. Barclays boosted their target price on shares of Coinbase Global from $202.00 to $359.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. China Renaissance began coverage on shares of Coinbase Global in a report on Tuesday, June 17th. They set a "buy" rating and a $353.30 target price for the company. Finally, Citigroup restated an "outperform" rating on shares of Coinbase Global in a research report on Monday, July 14th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Coinbase Global presently has a consensus rating of "Moderate Buy" and an average target price of $320.06.

Coinbase Global Stock Down 1.3%

COIN stock opened at $391.66 on Friday. The company has a 50 day moving average of $317.61 and a two-hundred day moving average of $255.95. The company has a market cap of $99.43 billion, a price-to-earnings ratio of 73.34, a PEG ratio of 30.24 and a beta of 3.70. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The firm had revenue of $2.03 billion for the quarter, compared to analysts' expectations of $2.22 billion. During the same quarter in the prior year, the business posted $2.53 earnings per share. Coinbase Global's revenue was up 24.2% on a year-over-year basis. On average, equities analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In related news, CEO Brian Armstrong sold 198,300 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total value of $78,897,621.00. Following the completion of the sale, the chief executive officer owned 526 shares of the company's stock, valued at approximately $209,279.62. The trade was a 99.74% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Alesia J. Haas sold 3,000 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $360.20, for a total value of $1,080,600.00. Following the completion of the transaction, the chief financial officer owned 97,366 shares in the company, valued at $35,071,233.20. This represents a 2.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,208,340 shares of company stock valued at $439,997,456 in the last three months. Corporate insiders own 17.65% of the company's stock.

About Coinbase Global

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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