Caitong International Asset Management Co. Ltd Acquires New Shares in Coinbase Global, Inc. $COIN

Key Points

• Caitong International Asset Management Co. Ltd acquired 10,614 shares of Coinbase Global, valued at approximately $3.72 million, making it the company's 9th largest position.
• Recent analyst reports have seen target prices for Coinbase Global rise significantly, with Needham & Company raising their target from $270 to $400 and Oppenheimer setting a target of $417.
• Coinbase reported quarterly earnings of $0.12 EPS, missing earnings estimates, while total revenue reached $1.50 billion, reflecting a 3.3% year-over-year increase.

Caitong International Asset Management Co. Ltd acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 10,614 shares of the cryptocurrency exchange's stock, valued at approximately $3,720,000. Coinbase Global makes up approximately 2.7% of Caitong International Asset Management Co. Ltd's holdings, making the stock its 9th largest position.

A number of other large investors have also made changes to their positions in the company. Asset Management One Co. Ltd. increased its position in shares of Coinbase Global by 14.6% in the 2nd quarter. Asset Management One Co. Ltd. now owns 84,431 shares of the cryptocurrency exchange's stock valued at $29,592,000 after buying an additional 10,788 shares in the last quarter. Valliance Asset Management Ltd acquired a new position in shares of Coinbase Global during the 2nd quarter worth about $3,505,000. GenTrust LLC boosted its stake in shares of Coinbase Global by 192.9% during the 2nd quarter. GenTrust LLC now owns 17,219 shares of the cryptocurrency exchange's stock worth $6,035,000 after buying an additional 11,340 shares during the last quarter. Carnegie Investment Counsel acquired a new position in shares of Coinbase Global during the 2nd quarter worth about $272,000. Finally, CAP Partners LLC boosted its stake in shares of Coinbase Global by 11.2% during the 2nd quarter. CAP Partners LLC now owns 6,106 shares of the cryptocurrency exchange's stock worth $2,140,000 after buying an additional 615 shares during the last quarter. Institutional investors own 68.84% of the company's stock.

Analysts Set New Price Targets

COIN has been the subject of several recent analyst reports. Needham & Company LLC raised their target price on shares of Coinbase Global from $270.00 to $400.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Oppenheimer reiterated an "outperform" rating and issued a $417.00 price target on shares of Coinbase Global in a research report on Thursday, July 31st. Monness Crespi & Hardt downgraded shares of Coinbase Global from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. Piper Sandler reissued a "neutral" rating and issued a $350.00 price objective on shares of Coinbase Global in a research note on Thursday, July 31st. Finally, Wall Street Zen raised shares of Coinbase Global from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $383.36.

Coinbase Global Stock Performance

Shares of Coinbase Global stock opened at $322.76 on Friday. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The stock has a market cap of $82.93 billion, a price-to-earnings ratio of 31.21 and a beta of 3.68. The company's fifty day moving average is $328.89 and its 200 day moving average is $297.17.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share 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 the consensus estimate of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The business's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.14 EPS. Sell-side analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 15,439 shares of the business's stock in a transaction 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 transaction, the insider owned 82,328 shares in the company, valued at $25,587,542.40. The trade was a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of the business's stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $355.47, for a total transaction of $8,886,750.00. Following the completion of the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $186,977.22. The trade was a 97.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 205,657 shares of company stock worth $67,479,576 over the last quarter. 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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