Coinbase Global, Inc. $COIN Shares Purchased by Refined Wealth Management

Key Points

• Refined Wealth Management increased its holdings in Coinbase Global, purchasing an additional 940 shares, raising its stake by 1.6% to a total of 58,748 shares valued at approximately $20.59 million.
• Several institutional investors, including Vanguard Group Inc. and ARK Investment Management, have also increased their stakes in Coinbase, indicating a growing interest in the cryptocurrency exchange.
• Coinbase reported a net profit of $0.12 per share for the last quarter, which fell short of analysts' expectations of $0.91, while revenue was $1.50 billion compared to the anticipated $1.68 billion.

Refined Wealth Management raised its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 1.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 58,748 shares of the cryptocurrency exchange's stock after purchasing an additional 940 shares during the quarter. Coinbase Global accounts for about 14.2% of Refined Wealth Management's holdings, making the stock its biggest position. Refined Wealth Management's holdings in Coinbase Global were worth $20,591,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in COIN. Vanguard Group Inc. boosted its stake in shares of Coinbase Global by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after buying an additional 875,359 shares in the last quarter. ARK Investment Management LLC lifted its holdings in Coinbase Global by 1.1% in the first quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock valued at $528,592,000 after acquiring an additional 34,462 shares during the period. Groupama Asset Managment boosted its position in shares of Coinbase Global by 100.0% during the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock worth $516,690,000 after purchasing an additional 1,500,000 shares in the last quarter. Amundi boosted its position in shares of Coinbase Global by 44.1% during the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock worth $268,850,000 after purchasing an additional 481,786 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Coinbase Global by 0.6% during the 1st quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange's stock worth $224,318,000 after purchasing an additional 7,675 shares during the period. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Trading Up 1.9%

Shares of Coinbase Global stock opened at $312.59 on Monday. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. 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 business has a 50 day moving average price of $328.31 and a 200 day moving average price of $276.26. The company has a market capitalization of $80.32 billion, a P/E ratio of 30.23 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. Coinbase Global's quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.14 EPS. Sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on COIN shares. Jefferies Financial Group raised their price objective on shares of Coinbase Global from $260.00 to $405.00 and gave the company a "hold" rating in a research note on Tuesday, July 29th. Keefe, Bruyette & Woods reduced their price target on shares of Coinbase Global from $355.00 to $335.00 and set a "market perform" rating for the company in a research report on Monday, August 4th. China Renaissance initiated coverage on Coinbase Global in a research note on Tuesday, June 17th. They set a "buy" rating and a $353.30 price target on the stock. Sanford C. Bernstein upped their price target on Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Finally, Mizuho set a $300.00 price objective on Coinbase Global in a report on Thursday, September 18th. Thirteen investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Coinbase Global currently has a consensus rating of "Hold" and a consensus price target of $356.18.

Insider Buying and Selling at Coinbase Global

In related news, CAO Jennifer N. Jones sold 1,756 shares of Coinbase Global stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $300.52, for a total transaction of $527,713.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian Armstrong sold 25,000 shares of the business's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $322.28, for a total transaction of $8,057,000.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares of the company's stock, valued at $169,519.28. The trade was a 97.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 749,515 shares of company stock valued at $283,990,425. 23.43% of the stock is owned by company insiders.

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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