Coinbase Global, Inc. $COIN Holdings Raised by Asset Management One Co. Ltd.

Key Points

• Asset Management One Co. Ltd. increased its stake in Coinbase Global by 14.6% in Q2, holding 84,431 shares worth approximately $29.6 million.
• Coinbase reported an earnings miss of $0.12 per share, falling short of the consensus estimate of $0.91, while revenue was $1.50 billion, below the expected $1.68 billion.
• Analysts have a consensus rating of "Moderate Buy" for Coinbase, with an average price target of $384.12, indicating a generally optimistic outlook despite recent stock performance.

Asset Management One Co. Ltd. grew its position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 14.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 84,431 shares of the cryptocurrency exchange's stock after acquiring an additional 10,788 shares during the quarter. Asset Management One Co. Ltd.'s holdings in Coinbase Global were worth $29,592,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in COIN. Bessemer Group Inc. grew its stake in Coinbase Global by 297.4% during the 1st 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. bought a new position in Coinbase Global during the 1st quarter worth $30,000. Cullen Frost Bankers Inc. bought a new position in Coinbase Global during the 2nd quarter worth $30,000. S Bank Fund Management Ltd bought a new position in Coinbase Global during the 1st quarter worth $31,000. Finally, SouthState Corp grew its stake in Coinbase Global by 128.4% during the 1st quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange's stock worth $32,000 after buying an additional 104 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Stock Performance

Shares of NASDAQ COIN opened at $354.46 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The firm has a market cap of $91.07 billion, a price-to-earnings ratio of 34.28 and a beta of 3.68. The business's 50-day simple moving average is $329.63 and its 200-day simple moving average is $298.57. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $444.64.

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

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $345.88, for a total value of $3,458,800.00. Following the completion of the sale, the insider owned 82,328 shares in the company, valued at approximately $28,475,608.64. This trade represents a 10.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the firm's stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $361.32, for a total value of $9,033,000.00. Following the completion of the sale, the chief executive officer owned 526 shares of the company's stock, valued at $190,054.32. This represents a 97.94% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 205,657 shares of company stock worth $67,479,576. 17.65% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on COIN. Williams Trading set a $405.00 price objective on Coinbase Global in a research note on Thursday, July 31st. Barclays lowered their price objective on Coinbase Global from $365.00 to $361.00 and set an "equal weight" rating for the company in a research note on Wednesday, October 8th. JMP Securities increased their price target on Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a research note on Monday, July 14th. Canaccord Genuity Group reissued a "buy" rating and issued a $400.00 price target on shares of Coinbase Global in a research note on Friday, August 1st. Finally, UBS Group set a $404.00 price objective on Coinbase Global in a report on Friday. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Coinbase Global has a consensus rating of "Moderate Buy" and an average target price of $384.12.

Coinbase Global 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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