Ballentine Partners LLC Buys 1,180 Shares of Coinbase Global, Inc. $COIN

Key Points

• Ballentine Partners LLC increased its stake in Coinbase Global, Inc. by 34.7%, acquiring an additional 1,180 shares, bringing its total to 4,578 shares valued at approximately $1.6 million.
• Coinbase reported an earnings miss with $0.12 EPS compared to a consensus estimate of $0.91, along with revenues of $1.50 billion for the quarter.
• Insider selling was notable, with CEO Brian Armstrong offloading 198,300 shares for around $78.9 million, reducing his ownership by nearly 99.74%.

Ballentine Partners LLC raised its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 34.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,578 shares of the cryptocurrency exchange's stock after purchasing an additional 1,180 shares during the quarter. Ballentine Partners LLC's holdings in Coinbase Global were worth $1,605,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the business. Norden Group LLC purchased a new position in Coinbase Global in the 2nd quarter worth about $234,000. Accurate Wealth Management LLC boosted its holdings in shares of Coinbase Global by 7.6% in the 2nd quarter. Accurate Wealth Management LLC now owns 2,531 shares of the cryptocurrency exchange's stock valued at $984,000 after buying an additional 179 shares in the last quarter. Yarbrough Capital LLC bought a new stake in shares of Coinbase Global in the 2nd quarter valued at about $214,000. Fifth Third Bancorp boosted its holdings in shares of Coinbase Global by 796.5% in the 2nd quarter. Fifth Third Bancorp now owns 5,451 shares of the cryptocurrency exchange's stock valued at $1,911,000 after buying an additional 4,843 shares in the last quarter. Finally, Focused Wealth Management Inc acquired a new stake in Coinbase Global in the 2nd quarter worth approximately $318,000. Institutional investors own 68.84% of the company's stock.

Coinbase Global Price Performance

COIN stock opened at $321.77 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 business has a 50 day simple moving average of $332.53 and a 200-day simple moving average of $273.28. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The company has a market capitalization of $82.68 billion, a P/E ratio of 31.12 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.79). The business 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 16.02% and a net margin of 40.87%.The company's revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 EPS. As a group, equities analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Brian Armstrong sold 198,300 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the sale, the chief executive officer owned 526 shares of the company's stock, valued at $209,279.62. This trade represents a 99.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 15,439 shares of the firm's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the sale, the insider directly owned 82,328 shares in the company, valued at approximately $25,587,542.40. The trade was a 15.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 749,515 shares of company stock valued at $283,990,425. Company insiders own 17.65% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on COIN shares. The Goldman Sachs Group raised their price target on shares of Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a research report on Monday, July 7th. Barclays lifted their target price on shares of Coinbase Global from $352.00 to $365.00 and gave the company an "equal weight" rating in a report on Friday, August 15th. Wall Street Zen raised shares of Coinbase Global from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Argus started coverage on shares of Coinbase Global in a research note on Monday, July 14th. They set a "buy" rating and a $400.00 target price on the stock. Finally, Mizuho set a $300.00 target price on shares of Coinbase Global in a research note on Thursday, September 18th. Thirteen equities 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $356.18.

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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