Chokshi & Queen Wealth Advisors Inc Boosts Stake in Coinbase Global, Inc. $COIN

Key Points

• Chokshi & Queen Wealth Advisors Inc increased its holdings in Coinbase Global, Inc. by 420.6% in the first quarter, owning 11,635 shares valued at approximately $2,004,000.
• Coinbase's CEO, Brian Armstrong, sold 336,265 shares at an average price of $362.61, significantly reducing his stake by 99.84%.
• Coinbase Global reported an EPS of $0.12 for the last quarter, missing estimates of $0.91, with a quarterly revenue of $1.50 billion, which was below the expected $1.68 billion.

Chokshi & Queen Wealth Advisors Inc boosted its position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 420.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,635 shares of the cryptocurrency exchange's stock after purchasing an additional 9,400 shares during the period. Coinbase Global comprises 1.2% of Chokshi & Queen Wealth Advisors Inc's investment portfolio, making the stock its 13th biggest position. Chokshi & Queen Wealth Advisors Inc's holdings in Coinbase Global were worth $2,004,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of COIN. Mascagni Wealth Management Inc. purchased a new position in Coinbase Global in the 4th quarter valued at approximately $25,000. Copia Wealth Management purchased a new position in Coinbase Global in the 4th quarter valued at approximately $26,000. Bessemer Group Inc. increased its stake in Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after purchasing an additional 113 shares in the last quarter. McClarren Financial Advisors Inc. purchased a new position in Coinbase Global in the 1st quarter valued at approximately $30,000. Finally, S Bank Fund Management Ltd purchased a new position in Coinbase Global in the 1st quarter valued at approximately $31,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 25,000 shares of the firm's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $302.19, for a total transaction of $7,554,750.00. Following the sale, the chief executive officer owned 526 shares in the company, valued at $158,951.94. This trade represents a 97.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Jennifer N. Jones sold 1,756 shares of Coinbase Global stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $300.52, for a total value of $527,713.12. The disclosure for this sale can be found here. Insiders have sold 1,180,871 shares of company stock worth $440,664,276 over the last ninety days. Company insiders own 17.65% of the company's stock.

Coinbase Global Trading Down 0.3%

Shares of COIN stock traded down $0.91 during mid-day trading on Friday, hitting $323.04. 6,910,551 shares of the company's stock were exchanged, compared to its average volume of 7,719,376. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The stock has a 50-day simple moving average of $340.68 and a two-hundred day simple moving average of $267.27. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The stock has a market cap of $83.00 billion, a price-to-earnings ratio of 31.24 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the business earned $0.14 EPS. Coinbase Global's revenue for the quarter was up 3.3% compared to the same quarter last year. Equities analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Analyst Ratings Changes

COIN has been the subject of several research analyst reports. Keefe, Bruyette & Woods dropped their price objective on Coinbase Global from $355.00 to $335.00 and set a "market perform" rating for the company in a research note on Monday, August 4th. Canaccord Genuity Group reissued a "buy" rating and set a $400.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. William Blair started coverage on Coinbase Global in a research report on Wednesday, June 11th. They set an "outperform" rating for the company. Sanford C. Bernstein raised their price target on Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Finally, Citigroup raised their price target on Coinbase Global from $270.00 to $505.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Thirteen research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Coinbase Global has a consensus rating of "Hold" and a consensus target price of $352.72.

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.