Clear Creek Financial Management LLC Buys Shares of 4,817 Coinbase Global, Inc. $COIN

Key Points

• Clear Creek Financial Management LLC purchased 4,817 shares of Coinbase Global, Inc., worth approximately $1,688,000, indicating increasing institutional interest in the cryptocurrency exchange.
• Coinbase recently reported an earnings miss, with a Q2 EPS of $0.12, below the consensus estimate of $0.91, resulting in a revenue of $1.50 billion compared to a forecast of $1.68 billion.
• Despite the earnings miss, several analysts have raised their price targets for Coinbase, with Benchmark lifting their target price to $421.00, and majority rating the stock as a "Buy".

Clear Creek Financial Management LLC bought a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 4,817 shares of the cryptocurrency exchange's stock, valued at approximately $1,688,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Envestnet Asset Management Inc. boosted its stake in Coinbase Global by 24.0% in the first quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange's stock valued at $8,861,000 after acquiring an additional 9,952 shares during the period. Amalgamated Bank boosted its stake in Coinbase Global by 4.8% in the first quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock valued at $2,368,000 after acquiring an additional 629 shares during the period. Kera Capital Partners Inc. boosted its stake in Coinbase Global by 3.0% in the second quarter. Kera Capital Partners Inc. now owns 36,960 shares of the cryptocurrency exchange's stock valued at $12,954,000 after acquiring an additional 1,085 shares during the period. Parallel Advisors LLC boosted its stake in Coinbase Global by 102.6% in the second quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange's stock valued at $3,738,000 after acquiring an additional 5,402 shares during the period. Finally, GAMMA Investing LLC boosted its stake in Coinbase Global by 8.1% in the first quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock valued at $193,000 after acquiring an additional 84 shares during the period. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $387.00 on Friday. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The stock has a market cap of $99.44 billion, a price-to-earnings ratio of 37.43 and a beta of 3.68. The stock's 50 day moving average price is $324.22 and its 200 day moving average price is $286.10. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its 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 return on equity of 16.02% and a net margin of 40.87%.The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the firm earned $0.14 EPS. Coinbase Global's revenue for the quarter was up 3.3% on a year-over-year basis. Equities research analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, 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 value 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. This represents a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 198,300 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total value of $78,897,621.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares in the company, valued at $209,279.62. This represents a 99.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 721,764 shares of company stock worth $273,595,798 in the last ninety days. 17.65% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

COIN has been the subject of a number of research reports. Benchmark lifted their target price on Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. Oppenheimer reiterated an "outperform" rating and set a $417.00 price objective on shares of Coinbase Global in a research report on Thursday, July 31st. Redburn Partners set a $417.00 price objective on Coinbase Global in a research report on Friday, October 3rd. JMP Securities boosted their price objective on Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a research report on Monday, July 14th. Finally, Rothschild Redb upgraded Coinbase Global from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 3rd. 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 given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $367.12.

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.

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