Silvant Capital Management LLC Boosts Stock Position in Coinbase Global, Inc. $COIN

Key Points

• Silvant Capital Management LLC increased its stake in Coinbase Global, Inc. by 115.4%, owning 12,527 shares worth approximately $2.16 million after acquiring an additional 6,710 shares.
• Coinbase reported earnings per share of $0.12 for the last quarter, missing analysts' expectations of $0.91, with quarterly revenue reaching $1.50 billion, below the forecast of $1.68 billion.
• Hedge funds and institutional investors collectively own 68.84% of Coinbase's stock, indicating significant interest from large financial institutions in the cryptocurrency exchange.

Silvant Capital Management LLC raised its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 115.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,527 shares of the cryptocurrency exchange's stock after purchasing an additional 6,710 shares during the period. Silvant Capital Management LLC's holdings in Coinbase Global were worth $2,158,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Coinbase Global by 4.8% during the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after purchasing 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 last quarter. Groupama Asset Managment lifted its stake in shares of Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after purchasing an additional 1,500,000 shares during the last quarter. Northern Trust Corp raised its position in Coinbase Global by 0.6% in the first quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange's stock valued at $224,318,000 after purchasing an additional 7,675 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Coinbase Global by 29.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 979,129 shares of the cryptocurrency exchange's stock worth $243,118,000 after acquiring an additional 222,789 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Stock Performance

Shares of COIN stock traded down $0.50 during mid-day trading on Thursday, hitting $308.47. The stock had a trading volume of 6,265,622 shares, compared to its average volume of 11,877,360. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The firm has a market cap of $79.26 billion, a PE ratio of 29.83 and a beta of 3.70. 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 company's 50-day simple moving average is $348.51 and its 200-day simple moving average is $263.03.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). The company had revenue of $1.50 billion during 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%. The business's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.14 EPS. Sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity at Coinbase Global

In other news, CEO Brian Armstrong sold 336,265 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 526 shares of the company's stock, valued at $190,732.86. This represents a 99.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders have sold 1,195,871 shares of company stock worth $442,626,576. Corporate insiders own 17.65% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on COIN shares. JMP Securities lifted their price objective 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. JPMorgan Chase & Co. decreased their price objective on shares of Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Williams Trading set a $405.00 price objective on shares of Coinbase Global in a research report on Thursday, July 31st. HC Wainwright reiterated a "sell" rating and set a $300.00 price target on shares of Coinbase Global in a research note on Friday, August 1st. Finally, William Blair assumed coverage on shares of Coinbase Global in a research note on Wednesday, June 11th. They set an "outperform" rating on the stock. Thirteen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $352.72.

Coinbase Global Company 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.