Bryce Point Capital LLC Buys 3,708 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Bryce Point Capital LLC increased its stake in Coinbase Global, owning 5,605 shares after buying an additional 3,708 shares, making Coinbase about 0.8% of its investment portfolio.
• Coinbase Global reported a net margin of 21.14% and revenue of $2.03 billion for the quarter, missing analysts' estimates of $2.22 billion.
• CEO Brian Armstrong sold 198,300 shares of Coinbase stock for approximately $78.9 million, significantly reducing his ownership by 99.74%.

Bryce Point Capital LLC increased its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 195.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,605 shares of the cryptocurrency exchange's stock after buying an additional 3,708 shares during the quarter. Coinbase Global accounts for about 0.8% of Bryce Point Capital LLC's investment portfolio, making the stock its 17th largest position. Bryce Point Capital LLC's holdings in Coinbase Global were worth $965,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also modified their holdings of COIN. Mascagni Wealth Management Inc. bought a new position in shares of Coinbase Global during the 4th quarter worth approximately $25,000. Copia Wealth Management bought a new position in shares of Coinbase Global during the 4th quarter worth approximately $26,000. Bessemer Group Inc. lifted its position in shares of 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 buying an additional 113 shares during the period. NBT Bank N A NY bought a new position in shares of Coinbase Global during the 1st quarter worth approximately $33,000. Finally, Berbice Capital Management LLC bought a new position in shares of Coinbase Global during the 1st quarter worth approximately $34,000. Institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Down 1.3%

Shares of Coinbase Global stock opened at $391.66 on Friday. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The business has a fifty day simple moving average of $317.61 and a 200 day simple moving average of $255.92. The stock has a market cap of $99.43 billion, a PE ratio of 73.34, a price-to-earnings-growth ratio of 29.86 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same period last year, the firm earned $2.53 earnings per share. The firm's revenue for the quarter was up 24.2% on a year-over-year basis. Research analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Analyst Upgrades and Downgrades

COIN has been the subject of a number of recent analyst reports. Barclays raised their price target on Coinbase Global from $202.00 to $359.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Erste Group Bank initiated coverage on Coinbase Global in a report on Wednesday. They set a "buy" rating for the company. Cantor Fitzgerald initiated coverage on Coinbase Global in a report on Tuesday, April 8th. They set an "overweight" rating and a $245.00 price target for the company. William Blair initiated coverage on Coinbase Global in a report on Wednesday, June 11th. They set an "outperform" rating for the company. Finally, JPMorgan Chase & Co. dropped their price target on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $320.06.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 198,300 shares of Coinbase Global 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 completion of the sale, the chief executive officer directly owned 526 shares of the company's stock, valued at $209,279.62. The trade was a 99.74% decrease in their ownership of the stock. The sale 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 Coinbase Global stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total value of $3,486,400.00. Following the transaction, the insider owned 82,328 shares in the company, valued at approximately $28,702,833.92. This represents a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,208,340 shares of company stock valued at $439,997,456 over the last three months. Company insiders own 17.65% of the company's stock.

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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