Chickasaw Capital Management LLC Makes New Investment in Coinbase Global, Inc. $COIN

Key Points

• Chickasaw Capital Management LLC invested $394,000 in Coinbase Global, Inc., acquiring 1,125 shares during Q2.
• Several hedge funds, including Groupama Asset Management and Vanguard Group Inc., have significantly increased their stakes in Coinbase, reflecting growing institutional interest.
• Analysts remain optimistic about Coinbase, with various firms projecting price targets between $268.00 and $400.00, highlighting a mixed rating with thirteen "Buy" and ten "Hold" recommendations.

Chickasaw Capital Management LLC purchased a new position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,125 shares of the cryptocurrency exchange's stock, valued at approximately $394,000.

A number of other large investors also recently modified their holdings of COIN. Vanguard Group Inc. lifted its position in Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after purchasing an additional 875,359 shares during the last quarter. ARK Investment Management LLC increased its stake in Coinbase Global by 1.1% during the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock valued at $528,592,000 after buying an additional 34,462 shares during the period. Groupama Asset Managment increased its stake in Coinbase Global by 100.0% during the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after buying an additional 1,500,000 shares during the period. Amundi increased its stake in Coinbase Global by 44.1% during the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock valued at $268,850,000 after buying an additional 481,786 shares during the period. Finally, Northern Trust Corp increased its stake in Coinbase Global by 0.6% during the 1st quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange's stock valued at $224,318,000 after buying an additional 7,675 shares during the period. 68.84% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $322.28, for a total transaction of $8,057,000.00. Following the sale, the chief executive officer owned 526 shares of the company's stock, valued at $169,519.28. This represents a 97.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Lawrence J. Brock sold 5,903 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $311.37, for a total transaction of $1,838,017.11. Following the sale, the insider directly owned 478 shares in the company, valued at approximately $148,834.86. This represents a 92.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,202,515 shares of company stock worth $448,306,941 over the last ninety days. Company insiders own 17.65% of the company's stock.

Coinbase Global Price Performance

Shares of Coinbase Global stock traded down $0.67 during mid-day trading on Friday, reaching $342.46. 13,258,226 shares of the stock were exchanged, compared to its average volume of 8,028,650. The company has a market cap of $87.99 billion, a price-to-earnings ratio of 33.12 and a beta of 3.68. 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 firm has a 50-day simple moving average of $336.66 and a 200 day simple moving average of $271.08. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week 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 earnings per share (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 analyst estimates of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The company's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.14 EPS. On average, sell-side analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Analyst Ratings Changes

COIN has been the topic of several recent analyst reports. Piper Sandler reaffirmed a "neutral" rating and set a $350.00 price objective on shares of Coinbase Global in a research note on Thursday, July 31st. Oppenheimer reiterated an "outperform" rating and issued a $417.00 target price on shares of Coinbase Global in a research note on Thursday, July 31st. HC Wainwright reiterated a "sell" rating and issued a $300.00 target price on shares of Coinbase Global in a research note on Friday, August 1st. Canaccord Genuity Group reiterated a "buy" rating and issued a $400.00 target price on shares of Coinbase Global in a research note on Friday, August 1st. Finally, Compass Point reiterated a "sell" rating and issued a $248.00 target price (down from $330.00) on shares of Coinbase Global in a research note on Monday, August 4th. Thirteen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Coinbase Global currently has an average rating of "Hold" and an average price target of $356.18.

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.