Coinbase Global, Inc. $COIN Position Lifted by SRN Advisors LLC

Key Points

• SRN Advisors LLC increased its holdings in Coinbase Global, Inc. by 78.8% during the first quarter, now owning 10,750 shares valued at approximately $1.85 million.
• CEO Brian Armstrong sold 336,265 shares of Coinbase, reducing his ownership by 99.84% and bringing it down to only 526 shares.
• Coinbase's stock received mixed analyst ratings, with price targets varying from $260 to $510, and currently holds a consensus rating of "Hold" with a target price of $352.72.

SRN Advisors LLC lifted its position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 78.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,750 shares of the cryptocurrency exchange's stock after acquiring an additional 4,737 shares during the quarter. Coinbase Global accounts for approximately 2.1% of SRN Advisors LLC's investment portfolio, making the stock its 5th largest holding. SRN Advisors LLC's holdings in Coinbase Global were worth $1,851,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the business. Boothbay Fund Management LLC purchased a new position in Coinbase Global during the 4th quarter valued at about $266,000. The Manufacturers Life Insurance Company increased its holdings in Coinbase Global by 6.6% during the fourth quarter. The Manufacturers Life Insurance Company now owns 11,096 shares of the cryptocurrency exchange's stock valued at $2,755,000 after buying an additional 691 shares during the period. Lido Advisors LLC increased its holdings in Coinbase Global by 64.4% during the fourth quarter. Lido Advisors LLC now owns 2,844 shares of the cryptocurrency exchange's stock valued at $706,000 after buying an additional 1,114 shares during the period. Schonfeld Strategic Advisors LLC increased its holdings in Coinbase Global by 511.9% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 23,588 shares of the cryptocurrency exchange's stock valued at $5,857,000 after buying an additional 19,733 shares during the period. Finally, Comerica Bank increased its holdings in Coinbase Global by 1.0% during the fourth quarter. Comerica Bank now owns 23,505 shares of the cryptocurrency exchange's stock valued at $5,836,000 after buying an additional 242 shares during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.

Insider Transactions at Coinbase Global

In other news, CAO Jennifer N. Jones sold 1,756 shares of Coinbase Global stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $300.52, for a total value of $527,713.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Lawrence J. Brock sold 5,903 shares of Coinbase Global stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $311.37, for a total value of $1,838,017.11. Following the completion of the sale, the insider directly owned 478 shares in the company, valued at $148,834.86. This represents a 92.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,195,871 shares of company stock valued at $442,626,576. Insiders own 23.43% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on COIN. Canaccord Genuity Group reissued a "buy" rating and set a $400.00 price objective on shares of Coinbase Global in a report on Friday, August 1st. Rosenblatt Securities reaffirmed a "buy" rating and issued a $470.00 price target on shares of Coinbase Global in a report on Friday, August 1st. Keefe, Bruyette & Woods decreased their price objective on Coinbase Global from $355.00 to $335.00 and set a "market perform" rating for the company in a report on Monday, August 4th. Needham & Company LLC increased their price objective on Coinbase Global from $270.00 to $400.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, Argus started coverage on Coinbase Global in a report on Monday, July 14th. They set a "buy" rating and a $400.00 price objective for the company. Thirteen 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 stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $352.72.

Coinbase Global Price Performance

Shares of Coinbase Global stock traded down $3.93 during trading hours on Friday, reaching $304.54. The stock had a trading volume of 6,599,918 shares, compared to its average volume of 10,336,883. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The stock's 50 day moving average is $348.44 and its 200 day moving average is $262.97. The firm has a market capitalization of $78.25 billion, a PE ratio of 29.45 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly 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). 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 for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the company earned $0.14 EPS. The firm's revenue for the quarter was up 3.3% on a year-over-year basis. Equities analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

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.