Clough Capital Partners L P Increases Stock Holdings in Coinbase Global, Inc. $COIN

Key Points

• Clough Capital Partners L P significantly increased its investment in Coinbase Global, Inc., growing its shares by 462.4% to a total of 34,618 shares, valued at approximately $5.96 million.
• Coinbase's recent earnings report showed an EPS of $0.12, missing analysts' estimates of $0.91, while its revenue reached $1.50 billion, below the expected $1.68 billion.
• The company's stock has faced insider selling, with CEO Brian Armstrong selling over 336,000 shares, leading to a 99.84% decrease in his ownership stake.

Clough Capital Partners L P increased its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 462.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,618 shares of the cryptocurrency exchange's stock after buying an additional 28,463 shares during the period. Clough Capital Partners L P's holdings in Coinbase Global were worth $5,962,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of COIN. Boothbay Fund Management LLC bought a new stake in Coinbase Global in the fourth quarter valued at approximately $266,000. The Manufacturers Life Insurance Company raised its position in Coinbase Global by 6.6% during the fourth quarter. The Manufacturers Life Insurance Company now owns 11,096 shares of the cryptocurrency exchange's stock worth $2,755,000 after acquiring an additional 691 shares in the last quarter. Northern Trust Corp raised its position in Coinbase Global by 20.3% during the fourth quarter. Northern Trust Corp now owns 1,294,758 shares of the cryptocurrency exchange's stock worth $321,488,000 after acquiring an additional 218,400 shares in the last quarter. Lido Advisors LLC raised its position in Coinbase Global by 64.4% during the fourth quarter. Lido Advisors LLC now owns 2,844 shares of the cryptocurrency exchange's stock worth $706,000 after acquiring an additional 1,114 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC raised its position in shares of Coinbase Global by 511.9% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 23,588 shares of the cryptocurrency exchange's stock valued at $5,857,000 after purchasing an additional 19,733 shares during the period. Institutional investors own 68.84% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods dropped their price objective 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. HC Wainwright restated a "sell" rating and issued a $300.00 price target on shares of Coinbase Global in a research note on Friday, August 1st. Piper Sandler reiterated a "neutral" rating and set a $350.00 target price on shares of Coinbase Global in a research report on Thursday, July 31st. Jefferies Financial Group raised their price target on shares of Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a report on Tuesday, July 29th. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a $400.00 price objective on shares of Coinbase Global in a research note on Friday, August 1st. Thirteen investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $352.72.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CAO Jennifer N. Jones sold 1,756 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $300.52, for a total value of $527,713.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian Armstrong sold 25,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $326.71, for a total value of $8,167,750.00. Following the completion of the sale, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $171,849.46. This represents a 97.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,195,871 shares of company stock worth $442,626,576 in the last three months. Corporate insiders own 17.65% of the company's stock.

Coinbase Global Price Performance

Shares of COIN traded down $3.93 during midday trading on Friday, hitting $304.54. 6,599,918 shares of the company traded hands, compared to its average volume of 11,573,422. The stock has a 50-day moving average of $348.44 and a 200-day moving average of $263.21. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64. The firm has a market cap of $78.25 billion, a P/E ratio of 29.45 and a beta of 3.70. 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 posted its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The firm's revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the company posted $0.14 earnings per share. As a group, sell-side analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

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.