Claar Advisors LLC Acquires New Shares in Coinbase Global, Inc. $COIN

Key Points

• Claar Advisors LLC has acquired a new stake in Coinbase Global, Inc., purchasing 10,134 shares worth approximately $1.75 million, which comprises 0.6% of its portfolio.
• Several hedge funds have recently invested in Coinbase, with institutional ownership reaching 68.84% of the company's stock, indicating strong interest from large investors.
• Coinbase's quarterly earnings report showed an earnings per share (EPS) of $0.12, significantly missing the consensus estimate of $0.91, with revenue of $1.50 billion compared to expectations of $1.68 billion.

Claar Advisors LLC purchased a new position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 10,134 shares of the cryptocurrency exchange's stock, valued at approximately $1,745,000. Coinbase Global comprises 0.6% of Claar Advisors LLC's holdings, making the stock its 18th biggest holding.

Several other hedge funds have also recently added to or reduced their stakes in COIN. Mascagni Wealth Management Inc. acquired a new position in Coinbase Global in the fourth quarter worth approximately $25,000. Copia Wealth Management acquired a new position in Coinbase Global in the fourth quarter worth approximately $26,000. Bessemer Group Inc. grew its position in Coinbase Global by 297.4% in the first 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 last quarter. McClarren Financial Advisors Inc. acquired a new position in Coinbase Global in the first quarter worth approximately $30,000. Finally, S Bank Fund Management Ltd acquired a new position in Coinbase Global in the first quarter worth approximately $31,000. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Stock Down 2.5%

Shares of Coinbase Global stock traded down $7.73 on Friday, hitting $299.07. 11,332,020 shares of the company traded hands, compared to its average volume of 8,308,748. The company has a 50-day moving average price of $344.04 and a 200 day moving average price of $264.23. 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 12-month low of $142.58 and a 12-month high of $444.64. The company has a market cap of $76.84 billion, a PE ratio of 28.92 and a beta of 3.68.

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

Insider Activity at Coinbase Global

In other news, CEO Brian Armstrong sold 336,265 shares of the business's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the transaction, the chief executive officer directly owned 526 shares in the company, valued at $190,732.86. The trade was a 99.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last 90 days, insiders have sold 1,180,871 shares of company stock worth $439,493,026. Insiders own 17.65% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Keefe, Bruyette & Woods decreased their price target on shares of Coinbase Global from $355.00 to $335.00 and set a "market perform" rating on the stock in a research report on Monday, August 4th. Needham & Company LLC lifted their price objective on shares of Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Wall Street Zen upgraded shares of Coinbase Global from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. The Goldman Sachs Group lifted their price objective on shares of Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a research report on Monday, July 7th. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $400.00 price objective on shares of Coinbase Global in a research report on Friday, August 1st. Thirteen equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. 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.