Coinbase Global, Inc. $COIN Position Increased by Phoenix Financial Ltd.

Key Points

• Phoenix Financial Ltd. increased its stake in Coinbase Global, Inc. by 299.5% during Q2, now holding 6,121 shares valued at approximately $2.15 million.
• Coinbase missed earnings expectations for the last quarter, reporting $0.12 EPS against a consensus estimate of $0.91, with revenue of $1.50 billion.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Coinbase, with a target price averaging $369.01.

Phoenix Financial Ltd. increased its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 299.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,121 shares of the cryptocurrency exchange's stock after purchasing an additional 4,589 shares during the period. Phoenix Financial Ltd.'s holdings in Coinbase Global were worth $2,145,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in COIN. Groupama Asset Managment raised its stake in Coinbase Global by 100.0% during the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after acquiring an additional 1,500,000 shares in the last quarter. Vanguard Group Inc. raised its stake in Coinbase Global by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after acquiring an additional 875,359 shares in the last quarter. Nuveen LLC bought a new stake in Coinbase Global during the 1st quarter valued at $83,454,000. Amundi raised its stake in Coinbase Global by 44.1% during the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock valued at $268,850,000 after acquiring an additional 481,786 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in Coinbase Global by 2,647.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 198,526 shares of the cryptocurrency exchange's stock valued at $66,572,000 after acquiring an additional 191,300 shares in the last quarter. Institutional investors own 68.84% of the company's stock.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $338.62 on Wednesday. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The business has a 50-day moving average of $329.07 and a two-hundred day moving average of $295.86. The stock has a market capitalization of $87.01 billion, a P/E ratio of 32.75 and a beta of 3.68. 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). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the firm posted $0.14 EPS. Coinbase Global's revenue for the quarter was up 3.3% on a year-over-year basis. On average, equities research analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on COIN. Argus began coverage on Coinbase Global in a research note on Monday, July 14th. They issued a "buy" rating and a $400.00 price objective on the stock. 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 note on Monday, July 14th. Rothschild Redb raised Coinbase Global from a "hold" rating to a "strong-buy" rating in a research note on Friday, October 3rd. Needham & Company LLC boosted their price objective on Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Finally, Sanford C. Bernstein boosted their price objective on Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Coinbase Global presently has a consensus rating of "Moderate Buy" and a consensus target price of $369.01.

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 25,000 shares of the business's stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $355.47, for a total transaction of $8,886,750.00. Following the transaction, the chief executive officer directly owned 526 shares in the company, valued at $186,977.22. The trade was a 97.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Grewal sold 15,439 shares of the company's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the sale, the insider owned 82,328 shares in the company, valued at approximately $25,587,542.40. This represents a 15.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 205,657 shares of company stock worth $67,479,576 over 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.

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