Canada Pension Plan Investment Board Raises Stock Position in Coinbase Global, Inc. $COIN

Key Points

• The Canada Pension Plan Investment Board increased its holdings in Coinbase Global, Inc. by 10.9%, acquiring a total of 235,230 shares valued at approximately $40.5 million.
• Coinbase reported a net loss of $0.12 earnings per share for the last quarter, falling short of the consensus estimate by $0.79, with quarterly revenue of $1.50 billion.
• Analysts have differing views on Coinbase's stock, with price targets ranging from $215 to $400, and a current consensus rating of "Hold."

Canada Pension Plan Investment Board raised its position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 10.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 235,230 shares of the cryptocurrency exchange's stock after buying an additional 23,041 shares during the period. Canada Pension Plan Investment Board owned about 0.09% of Coinbase Global worth $40,514,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Trexquant Investment LP boosted its holdings in shares of Coinbase Global by 351.3% during the first quarter. Trexquant Investment LP now owns 139,924 shares of the cryptocurrency exchange's stock worth $24,099,000 after purchasing an additional 108,916 shares during the period. Landscape Capital Management L.L.C. purchased a new position in Coinbase Global during the 1st quarter valued at about $3,141,000. B. Metzler seel. Sohn & Co. AG raised its position in Coinbase Global by 30.5% during the 1st quarter. B. Metzler seel. Sohn & Co. AG now owns 14,156 shares of the cryptocurrency exchange's stock valued at $2,438,000 after purchasing an additional 3,311 shares during the last quarter. Silvant Capital Management LLC lifted its holdings in Coinbase Global by 115.4% in the 1st quarter. Silvant Capital Management LLC now owns 12,527 shares of the cryptocurrency exchange's stock worth $2,158,000 after buying an additional 6,710 shares during the period. Finally, CreativeOne Wealth LLC lifted its holdings in Coinbase Global by 3.1% in the 1st quarter. CreativeOne Wealth LLC now owns 2,169 shares of the cryptocurrency exchange's stock worth $374,000 after buying an additional 66 shares during the period. Institutional investors own 68.84% of the company's stock.

Analysts Set New Price Targets

COIN has been the topic of several research analyst reports. Erste Group Bank started coverage on Coinbase Global in a research note on Wednesday, July 23rd. They set a "buy" rating on the stock. Benchmark boosted their price objective on shares of Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. The Goldman Sachs Group upped their price objective on shares of Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a report on Monday, July 7th. Barclays lifted their target price on shares of Coinbase Global from $352.00 to $365.00 and gave the company an "equal weight" rating in a research note on Friday, August 15th. Finally, Argus initiated coverage on shares of Coinbase Global in a research report on Monday, July 14th. They set a "buy" rating and a $400.00 price target on the stock. Thirteen equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $352.72.

Coinbase Global Stock Down 1.3%

Coinbase Global stock traded down $3.93 during mid-day trading on Friday, hitting $304.54. The company had a trading volume of 6,599,918 shares, compared to its average volume of 10,336,883. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The company has a market capitalization of $78.25 billion, a PE ratio of 29.45 and a beta of 3.68. The stock's 50 day moving average price is $348.44 and its two-hundred day moving average price is $262.97. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) 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 company had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the prior year, the firm 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, sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Brian Armstrong sold 336,265 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the sale, the chief executive officer owned 526 shares in the company, valued at $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 1,195,871 shares of company stock valued at $442,626,576 in the last 90 days. Corporate 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.