Beacon Harbor Wealth Advisors Inc. Buys New Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Beacon Harbor Wealth Advisors Inc. has acquired a new stake of 31,928 shares in Coinbase Global, Inc., valued at approximately $5.5 million, during the first quarter.
• Coinbase reported a quarterly earnings miss, with earnings per share of $0.12 compared to a consensus estimate of $0.91, revealing a 3.3% increase in revenue year-over-year.
• In recent analyst ratings, Barclays lowered its price target for Coinbase to $352, while Sanford C. Bernstein raised its target to $510, reflecting mixed sentiments on the stock's future performance.

Beacon Harbor Wealth Advisors Inc. acquired a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 31,928 shares of the cryptocurrency exchange's stock, valued at approximately $5,499,000.

A number of other hedge funds also recently bought and sold shares of the company. Mascagni Wealth Management Inc. purchased a new position in Coinbase Global during the 4th quarter valued at about $25,000. Copia Wealth Management purchased a new position in Coinbase Global during the 4th quarter valued at about $26,000. Bessemer Group Inc. grew its stake in Coinbase Global by 297.4% during the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after acquiring an additional 113 shares in the last quarter. McClarren Financial Advisors Inc. purchased a new position in Coinbase Global during the 1st quarter valued at about $30,000. Finally, NBT Bank N A NY purchased a new position in Coinbase Global during the 1st quarter valued at about $33,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Stock Performance

Shares of Coinbase Global stock traded down $0.25 during trading on Friday, reaching $310.54. The company's stock had a trading volume of 9,219,479 shares, compared to its average volume of 15,007,430. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The business's fifty day moving average price is $332.88 and its 200-day moving average price is $260.33. The firm has a market cap of $79.79 billion, a price-to-earnings ratio of 30.03, a price-to-earnings-growth ratio of 26.89 and a beta of 3.70. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 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 business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the firm posted $0.14 earnings per share. The company's revenue for the quarter was up 3.3% on a year-over-year basis. As a group, equities research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $348.64, for a total value of $3,486,400.00. Following the completion of the sale, the insider owned 82,328 shares in the company, valued at approximately $28,702,833.92. This trade represents a 10.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $1,080,600.00. Following the completion of the sale, the chief financial officer owned 97,366 shares of the company's stock, valued at approximately $35,071,233.20. The trade was a 2.99% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,208,340 shares of company stock worth $442,911,206. Company insiders own 17.65% of the company's stock.

Wall Street Analysts Forecast Growth

COIN has been the subject of a number of recent research reports. Sanford C. Bernstein raised their price target on Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. Monness Crespi & Hardt downgraded Coinbase Global from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. Jefferies Financial Group raised their price target on Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a research note on Tuesday, July 29th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $400.00 price target on shares of Coinbase Global in a research note on Friday, August 1st. Finally, Erste Group Bank initiated coverage on Coinbase Global in a research note on Wednesday, July 23rd. They set a "buy" rating for the company. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $352.18.

Coinbase Global Company 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.