Cobblestone Asset Management LLC Purchases New Position in Coinbase Global, Inc. $COIN

Key Points

• Cobblestone Asset Management LLC has acquired a new stake in Coinbase Global, Inc., purchasing 8,614 shares valued at approximately $3,019,000, making it the firm's 19th largest holding.
• Coinbase recently reported $0.12 earnings per share for the last quarter, significantly below analysts' expectations of $0.91, with revenues also missing estimates at $1.50 billion.
• Insider trading activity has been notable, with CEO Brian Armstrong selling a substantial number of shares totaling over $121 million, resulting in a significant decrease in his ownership stake.

Cobblestone Asset Management LLC purchased a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 8,614 shares of the cryptocurrency exchange's stock, valued at approximately $3,019,000. Coinbase Global makes up about 1.6% of Cobblestone Asset Management LLC's investment portfolio, making the stock its 19th largest position.

A number of other large investors have also made changes to their positions in the business. Bouvel Investment Partners LLC acquired a new position in shares of Coinbase Global during the second quarter worth $2,663,000. Farther Finance Advisors LLC increased its position in shares of Coinbase Global by 57.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 2,183 shares of the cryptocurrency exchange's stock valued at $765,000 after acquiring an additional 793 shares during the period. UMB Bank n.a. increased its position in shares of Coinbase Global by 5,425.0% in the 2nd quarter. UMB Bank n.a. now owns 221 shares of the cryptocurrency exchange's stock valued at $77,000 after acquiring an additional 217 shares during the period. Shelton Wealth Management LLC acquired a new position in shares of Coinbase Global in the 2nd quarter valued at $254,000. Finally, SeaCrest Wealth Management LLC acquired a new position in shares of Coinbase Global in the 2nd quarter valued at $550,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Price Performance

COIN traded down $10.51 during trading on Monday, reaching $331.95. The company's stock had a trading volume of 8,694,083 shares, compared to its average volume of 8,040,793. The firm has a fifty day simple moving average of $335.42 and a two-hundred day simple moving average of $272.61. The company has a market cap of $85.29 billion, a price-to-earnings ratio of 32.10 and a beta of 3.68. 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 1 year low of $142.58 and a 1 year high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly 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 firm's quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.14 EPS. As a group, analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Analyst Ratings Changes

COIN has been the topic of several research reports. Citigroup upped their target price on Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. William Blair started coverage on shares of Coinbase Global in a report on Wednesday, June 11th. They issued an "outperform" rating on the stock. Sanford C. Bernstein upped their price target on shares of Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Benchmark upped their price target on shares of Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a report on Monday, June 23rd. Finally, Compass Point reaffirmed a "sell" rating and issued a $248.00 price target (down from $330.00) on shares of Coinbase Global in a report on Monday, August 4th. Thirteen equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $356.18.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 4,675 shares of the business's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $322.24, for a total value of $1,506,472.00. Following the completion of the transaction, the chief financial officer owned 89,220 shares in the company, valued at $28,750,252.80. The trade was a 4.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Jennifer N. Jones sold 1,756 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $300.52, for a total transaction of $527,713.12. The disclosure for this sale can be found here. Insiders have sold 1,202,515 shares of company stock worth $448,306,941 in the last three months. Company insiders own 23.43% of the company's stock.

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.