Axxcess Wealth Management LLC Raises Stake in Coinbase Global, Inc. $COIN

Key Points

• Axxcess Wealth Management LLC increased its ownership of Coinbase Global, Inc. by 34.9%, acquiring a total of 5,990 shares valued at approximately $2.1 million by the end of the second quarter.
• Coinbase reported $0.12 earnings per share (EPS) for the last quarter, falling short of analysts' expectations of $0.91, and had a 3.3% increase in revenue year-over-year.
• Insiders, including CEO Brian Armstrong, have recently sold shares, totaling 199,515 shares worth over $65 million in the last ninety days, significantly reducing their stakes in the company.

Axxcess Wealth Management LLC lifted its position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 34.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,990 shares of the cryptocurrency exchange's stock after buying an additional 1,550 shares during the quarter. Axxcess Wealth Management LLC's holdings in Coinbase Global were worth $2,099,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of COIN. Cadent Capital Advisors LLC lifted its position in Coinbase Global by 1.0% during the second 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. Ameriflex Group Inc. lifted its position in shares of Coinbase Global by 20.0% during the second quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange's stock worth $68,000 after purchasing an additional 30 shares in the last quarter. Hemington Wealth Management lifted its position in shares of Coinbase Global by 12.1% during the second quarter. Hemington Wealth Management now owns 352 shares of the cryptocurrency exchange's stock worth $123,000 after purchasing an additional 38 shares in the last quarter. Capital Advisors Ltd. LLC lifted its position in shares of Coinbase Global by 13.7% during the second quarter. Capital Advisors Ltd. LLC now owns 323 shares of the cryptocurrency exchange's stock worth $113,000 after purchasing an additional 39 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Coinbase Global by 4.2% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,015 shares of the cryptocurrency exchange's stock worth $356,000 after purchasing an additional 41 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Stock Down 1.5%

Shares of NASDAQ:COIN opened at $336.30 on Thursday. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The company has a fifty day simple moving average of $327.37 and a 200 day simple moving average of $290.45. The firm has a market cap of $86.41 billion, a PE ratio of 32.52 and a beta of 3.68. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly 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 return on equity of 16.02% and a net margin of 40.87%.The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the firm posted $0.14 EPS. The firm's quarterly revenue was up 3.3% on a year-over-year basis. On average, equities research analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of the business's stock in a transaction on 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 completion of the sale, the chief executive officer owned 526 shares in the company, valued at $190,054.32. The trade was 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 at this link. Also, insider Paul Grewal sold 10,000 shares of the business's stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $345.88, for a total transaction of $3,458,800.00. Following the sale, the insider owned 82,328 shares of the company's stock, valued at approximately $28,475,608.64. The trade was a 10.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 199,515 shares of company stock worth $65,362,451 in the last ninety days. 17.65% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on COIN. Rothschild Redb raised shares of Coinbase Global from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 3rd. Redburn Partners set a $417.00 target price on shares of Coinbase Global in a research report on Friday, October 3rd. Sanford C. Bernstein boosted their target price on shares of Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Citigroup boosted their target price on shares of Coinbase Global from $270.00 to $505.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Finally, Barclays reduced their target price on shares of Coinbase Global from $365.00 to $361.00 and set an "equal weight" rating on the stock in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $367.94.

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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