Bridges Investment Management Inc. Takes $272,000 Position in Coinbase Global, Inc. $COIN

Key Points

• Bridges Investment Management Inc. has acquired a position in Coinbase Global, Inc., purchasing 776 shares valued at approximately $272,000 during the second quarter.
• Coinbase's CEO, Brian Armstrong, sold 25,000 shares of the company, representing a 97.94% reduction in his stake, leaving him with 526 shares valued at around $186,977.
• Coinbase reported a net margin of 40.87% and a return on equity of 16.02%, with a revenue of $1.50 billion, which was below analysts' estimates of $1.68 billion.

Bridges Investment Management Inc. acquired a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 776 shares of the cryptocurrency exchange's stock, valued at approximately $272,000.

A number of other large investors have also recently made changes to their positions in the company. Bessemer Group Inc. grew its holdings in Coinbase Global by 297.4% during the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after acquiring an additional 113 shares in the last quarter. McClarren Financial Advisors Inc. purchased a new stake in shares of Coinbase Global during the 1st quarter worth $30,000. S Bank Fund Management Ltd acquired a new position in shares of Coinbase Global during the first quarter worth $31,000. SouthState Corp increased its holdings in Coinbase Global by 128.4% in the first quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange's stock valued at $32,000 after buying an additional 104 shares during the last quarter. Finally, NBT Bank N A NY acquired a new stake in Coinbase Global in the first quarter valued at $33,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Coinbase Global

In related news, CEO Brian Armstrong sold 25,000 shares of the business's stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $355.47, for a total value of $8,886,750.00. Following the transaction, the chief executive officer owned 526 shares in the company, valued at $186,977.22. The trade was a 97.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Paul Grewal sold 15,439 shares of the company's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $310.80, for a total value of $4,798,441.20. Following the sale, the insider directly owned 82,328 shares of the company's stock, valued at approximately $25,587,542.40. This represents a 15.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 205,657 shares of company stock worth $67,479,576. 17.65% of the stock is owned by company insiders.

Coinbase Global Price Performance

COIN stock opened at $336.02 on Friday. 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 market capitalization of $86.34 billion, a P/E ratio of 32.50 and a beta of 3.68. The business has a 50 day simple moving average of $328.26 and a 200-day simple moving average of $292.66. 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 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 business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The business's revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.14 earnings per share. As a group, equities analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Piper Sandler reaffirmed a "neutral" rating and set a $350.00 price objective on shares of Coinbase Global in a research report on Thursday, July 31st. Mizuho set a $300.00 target price on Coinbase Global in a research note on Thursday, September 18th. Bank of America dropped their price target on shares of Coinbase Global from $369.00 to $340.00 in a research note on Wednesday, October 1st. Compass Point restated a "sell" rating and set a $248.00 price objective (down previously from $330.00) on shares of Coinbase Global in a research report on Monday, August 4th. Finally, Redburn Partners set a $417.00 target price on shares of Coinbase Global in a report on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Coinbase Global presently has an average rating of "Moderate Buy" and an average price target of $367.94.

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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