Chevy Chase Trust Holdings LLC Makes New $39.14 Million Investment in Coinbase Global, Inc. $COIN

Key Points

• Chevy Chase Trust Holdings LLC invested approximately $39.14 million in Coinbase Global, acquiring 111,664 shares during the 2nd quarter, per its SEC filing.
• Coinbase reported an earnings per share (EPS) of $0.12 for the quarter, significantly below analysts' estimates of $0.91, with a revenue of $1.50 billion.
• CEO Brian Armstrong sold 25,000 shares of Coinbase stock for over $8.8 million, resulting in a substantial decrease of his holdings in the company.

Chevy Chase Trust Holdings LLC acquired a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 111,664 shares of the cryptocurrency exchange's stock, valued at approximately $39,137,000.

Several other institutional investors have also modified their holdings of the stock. Cadent Capital Advisors LLC lifted its position in shares of Coinbase Global by 1.0% during the 2nd quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange's stock worth $1,108,000 after buying an additional 30 shares during the last quarter. Ameriflex Group Inc. lifted its position in shares of Coinbase Global by 20.0% during the 2nd quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange's stock worth $68,000 after buying an additional 30 shares during the last quarter. Pettinga Financial Advisors LLC lifted its position in shares of Coinbase Global by 2.6% during the 2nd quarter. Pettinga Financial Advisors LLC now owns 1,321 shares of the cryptocurrency exchange's stock worth $463,000 after buying an additional 34 shares during the last quarter. Hemington Wealth Management lifted its position in shares of Coinbase Global by 12.1% during the 2nd quarter. Hemington Wealth Management now owns 352 shares of the cryptocurrency exchange's stock worth $123,000 after buying an additional 38 shares during the last quarter. Finally, Capital Advisors Ltd. LLC lifted its position in shares of Coinbase Global by 13.7% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 323 shares of the cryptocurrency exchange's stock worth $113,000 after buying an additional 39 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Up 1.7%

Shares of Coinbase Global stock opened at $336.02 on Friday. The company has a market cap of $86.34 billion, a P/E ratio of 32.50 and a beta of 3.68. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64. The firm has a fifty day moving average of $328.26 and a two-hundred day moving average of $292.66.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced 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). The firm had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The firm's quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 EPS. On average, analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on COIN. JMP Securities boosted their price objective on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a research report on Monday, July 14th. Redburn Partners set a $417.00 price target on shares of Coinbase Global in a research report on Friday, October 3rd. Mizuho set a $300.00 price target on shares of Coinbase Global in a research report on Thursday, September 18th. Williams Trading set a $405.00 price target on shares of Coinbase Global in a research report on Thursday, July 31st. Finally, HC Wainwright reiterated a "sell" rating and issued a $300.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $367.94.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of the company'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. This represents a 97.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Grewal sold 15,439 shares of the company's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the transaction, the insider owned 82,328 shares of the company's stock, valued at approximately $25,587,542.40. The trade was a 15.79% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 205,657 shares of company stock worth $67,479,576. 17.65% of the stock is owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.