Bayforest Capital Ltd Acquires 1,798 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Bayforest Capital Ltd significantly increased its stake in Coinbase Global, Inc. by 1,745.6%, holding 1,901 shares worth $327,000 at the end of the last reporting period.
• Analysts are optimistic about Coinbase, with several firms raising their price targets significantly; for example, Needham & Company increased their target from $270 to $400, affirming a "buy" rating.
• Despite a decline in stock price, with shares trading at $314.69, Coinbase reported revenue of $1.50 billion for the quarter, reflecting a modest year-over-year increase, albeit missing analyst expectations.

Bayforest Capital Ltd boosted its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 1,745.6% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,901 shares of the cryptocurrency exchange's stock after buying an additional 1,798 shares during the period. Bayforest Capital Ltd's holdings in Coinbase Global were worth $327,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of COIN. Arrowstreet Capital Limited Partnership raised its holdings in Coinbase Global by 51.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 72,681 shares of the cryptocurrency exchange's stock valued at $18,047,000 after buying an additional 24,536 shares during the period. CIBC Private Wealth Group LLC raised its holdings in Coinbase Global by 131.5% in the fourth quarter. CIBC Private Wealth Group LLC now owns 5,512 shares of the cryptocurrency exchange's stock valued at $1,433,000 after buying an additional 3,131 shares during the period. Clearbridge Investments LLC raised its holdings in Coinbase Global by 798.9% in the fourth quarter. Clearbridge Investments LLC now owns 51,806 shares of the cryptocurrency exchange's stock valued at $12,864,000 after buying an additional 46,043 shares during the period. O Shaughnessy Asset Management LLC raised its holdings in Coinbase Global by 41.1% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 11,850 shares of the cryptocurrency exchange's stock valued at $2,942,000 after buying an additional 3,449 shares during the period. Finally, Wellington Management Group LLP raised its holdings in Coinbase Global by 1,159.9% in the fourth quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange's stock valued at $81,612,000 after buying an additional 302,595 shares during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.

Insider Buying and Selling at Coinbase Global

In related news, CEO Brian Armstrong sold 336,265 shares of Coinbase Global stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the completion of the sale, the chief executive officer owned 526 shares of the company's stock, valued at approximately $190,732.86. This trade represents a 99.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of Coinbase Global stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total value of $7,622,597.56. Following the sale, the director directly owned 10,417 shares of the company's stock, valued at $2,632,167.56. This represents a 74.33% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,208,340 shares of company stock valued at $439,997,456. 17.65% of the stock is owned by company insiders.

Coinbase Global Trading Down 16.7%

Shares of COIN stock traded down $63.07 on Friday, hitting $314.69. The company had a trading volume of 31,265,570 shares, compared to its average volume of 12,904,831. The firm has a market cap of $79.89 billion, a P/E ratio of 30.43, a P/E/G ratio of 26.32 and a beta of 3.70. The stock's 50-day moving average is $327.63 and its two-hundred day moving average is $259.64. 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, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a return on equity of 16.95% and a net margin of 40.87%. The firm's revenue was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.14 EPS. On average, equities research analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on COIN. JMP Securities increased 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. Argus began coverage on shares of Coinbase Global in a research report on Monday, July 14th. They issued a "buy" rating and a $400.00 price objective for the company. Compass Point raised shares of Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price objective for the company in a research report on Monday, May 12th. Wall Street Zen raised shares of Coinbase Global from a "sell" rating to a "hold" rating in a research report on Saturday. Finally, Barclays lowered their price objective on shares of Coinbase Global from $359.00 to $352.00 and set an "equal weight" rating for the company in a research report on Friday. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $344.55.

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.