Coinbase Global, Inc. $COIN Shares Bought by Baird Financial Group Inc.

Key Points

• Baird Financial Group Inc. increased its stake in Coinbase Global, Inc. by 24.0% in Q1, bringing its total holdings to 11,354 shares valued at approximately $1.95 million.
• Equities analysts have a consensus rating of "Hold" for Coinbase, with an average price target of $352.72, while Needham & Company raised their price target to $400.00.
• Coinbase reported a Q2 earnings miss with $0.12 earnings per share compared to an estimated $0.91, along with a revenue of $1.50 billion, which was below expectations.

Baird Financial Group Inc. increased its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 24.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,354 shares of the cryptocurrency exchange's stock after purchasing an additional 2,200 shares during the period. Baird Financial Group Inc.'s holdings in Coinbase Global were worth $1,955,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of COIN. Mascagni Wealth Management Inc. acquired a new stake in Coinbase Global in the 4th quarter worth approximately $25,000. Copia Wealth Management acquired a new stake in Coinbase Global in the 4th quarter worth approximately $26,000. Bessemer Group Inc. boosted its stake in Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after purchasing an additional 113 shares in the last quarter. McClarren Financial Advisors Inc. acquired a new stake in Coinbase Global in the 1st quarter worth approximately $30,000. Finally, S Bank Fund Management Ltd purchased a new position in Coinbase Global during the 1st quarter worth approximately $31,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on COIN shares. Needham & Company LLC raised their price target on shares of Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Piper Sandler reissued a "neutral" rating and set a $350.00 price target on shares of Coinbase Global in a research report on Thursday, July 31st. Wall Street Zen raised shares of Coinbase Global from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. JMP Securities raised their price target on shares of 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, William Blair started coverage on shares of Coinbase Global in a research report on Wednesday, June 11th. They set an "outperform" rating for the company. Thirteen equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $352.72.

Coinbase Global Price Performance

NASDAQ:COIN opened at $299.07 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. The firm has a market cap of $76.84 billion, a price-to-earnings ratio of 28.92 and a beta of 3.68. The company has a 50 day moving average price of $344.04 and a 200-day moving average price of $264.28. 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 posted 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). The firm had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. Coinbase Global's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period last year, the firm earned $0.14 earnings per share. Equities research analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In related news, CEO Brian Armstrong sold 336,265 shares of the business's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the completion of the sale, the chief executive officer owned 526 shares of the company's stock, valued at approximately $190,732.86. The trade was a 99.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 1,180,871 shares of company stock worth $439,493,026. 23.43% of the stock is owned by insiders.

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.

Want to see what other hedge funds are holding COIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coinbase Global, Inc. (NASDAQ:COIN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.