Assetmark Inc. Grows Stock Position in Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Assetmark Inc. increased its holdings in Coinbase Global, Inc. by 124.8% in the first quarter, now owning 8,220 shares valued at approximately $1.4 million.
• Insider sales included significant transactions by CFO Alesia J. Haas and CEO Brian Armstrong, with Armstrong's sale representing a 99.74% decrease in his stock position.
• Analysts have mixed ratings on Coinbase Global, with a consensus rating of "Hold" and a target price averaging around $344.55.

Assetmark Inc. grew its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 124.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 8,220 shares of the cryptocurrency exchange's stock after purchasing an additional 4,563 shares during the period. Assetmark Inc.'s holdings in Coinbase Global were worth $1,416,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership increased its holdings in shares of Coinbase Global by 51.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 72,681 shares of the cryptocurrency exchange's stock worth $18,047,000 after purchasing an additional 24,536 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in shares of Coinbase Global by 131.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 5,512 shares of the cryptocurrency exchange's stock worth $1,433,000 after purchasing an additional 3,131 shares in the last quarter. Clearbridge Investments LLC increased its holdings in shares of Coinbase Global by 798.9% in the 4th quarter. Clearbridge Investments LLC now owns 51,806 shares of the cryptocurrency exchange's stock worth $12,864,000 after purchasing an additional 46,043 shares in the last quarter. O Shaughnessy Asset Management LLC increased its holdings in shares of Coinbase Global by 41.1% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 11,850 shares of the cryptocurrency exchange's stock worth $2,942,000 after purchasing an additional 3,449 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of 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 in the last quarter. Hedge funds and other institutional investors own 68.84% of the company's stock.

Insider Transactions at Coinbase Global

In related news, CFO Alesia J. Haas sold 3,000 shares of the stock in a transaction dated Wednesday, June 25th. The shares were 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 of the company's stock, valued at approximately $35,071,233.20. This trade represents a 2.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 198,300 shares of Coinbase Global stock in a transaction dated 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 transaction, the chief executive officer owned 526 shares of the company's stock, valued at approximately $209,279.62. This represents a 99.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,208,340 shares of company stock valued at $439,997,456 in the last ninety days. Corporate insiders own 17.65% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Cantor Fitzgerald assumed coverage on Coinbase Global in a report on Tuesday, April 8th. They issued an "overweight" rating and a $245.00 target price for the company. Needham & Company LLC lifted their price objective on Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a report on Friday. William Blair assumed coverage on Coinbase Global in a report on Wednesday, June 11th. They issued an "outperform" rating for the company. Barclays cut their price objective on Coinbase Global from $359.00 to $352.00 and set an "equal weight" rating for the company in a report on Friday. Finally, China Renaissance assumed coverage on Coinbase Global in a report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price objective for the company. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $344.55.

Coinbase Global Price Performance

Shares of Coinbase Global stock traded down $63.07 during trading hours on Friday, hitting $314.69. The company's stock had a trading volume of 31,265,570 shares, compared to its average volume of 12,904,831. The business has a 50 day moving average price of $327.63 and a two-hundred day moving average price of $259.64. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The company has a market cap of $79.89 billion, a PE ratio of 30.43, a PEG ratio of 26.32 and a beta of 3.70. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). The firm had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.68 billion. Coinbase Global had a return on equity of 16.95% and a net margin of 40.87%. Coinbase Global's quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.14 earnings per share. Analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

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.