Coinbase Global, Inc. $COIN Stock Position Lifted by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. MD increased its stake in Coinbase Global, Inc. by 2.2% in Q1, owning approximately 802,229 shares valued at $138 million.
• Coinbase's CEO Brian Armstrong sold 336,265 shares at an average price of $362.61, significantly reducing his position in the company.
• Despite missing earnings expectations with an EPS of $0.12, analysts have raised their price targets for Coinbase stock, with a consensus target of $352.72.

Price T Rowe Associates Inc. MD boosted its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 2.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 802,229 shares of the cryptocurrency exchange's stock after buying an additional 17,153 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 0.32% of Coinbase Global worth $138,168,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Envestnet Asset Management Inc. increased its stake in shares of Coinbase Global by 24.0% in the first quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange's stock worth $8,861,000 after acquiring an additional 9,952 shares during the last quarter. Amalgamated Bank grew its stake in Coinbase Global by 4.8% in the first quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock valued at $2,368,000 after purchasing an additional 629 shares in the last quarter. GAMMA Investing LLC increased its position in Coinbase Global by 8.1% in the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock worth $193,000 after purchasing an additional 84 shares during the last quarter. Kingswood Wealth Advisors LLC raised its stake in shares of Coinbase Global by 124.5% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange's stock worth $453,000 after purchasing an additional 1,454 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC raised its stake in shares of Coinbase Global by 87.0% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 3,355 shares of the cryptocurrency exchange's stock worth $578,000 after purchasing an additional 1,561 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Price Performance

NASDAQ COIN opened at $319.85 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 fifty day simple moving average of $346.00 and a 200 day simple moving average of $261.98. 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 company has a market cap of $82.18 billion, a P/E ratio of 30.93 and a beta of 3.70.

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 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 firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the business earned $0.14 EPS. The business's revenue was up 3.3% compared to the same quarter last year. On average, sell-side analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Analysts Set New Price Targets

COIN has been the subject of several recent research reports. Needham & Company LLC boosted their price target on Coinbase Global from $270.00 to $400.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Barclays boosted their target price on shares of Coinbase Global from $352.00 to $365.00 and gave the stock an "equal weight" rating in a research report on Friday, August 15th. The Goldman Sachs Group raised their price target on shares of Coinbase Global from $239.00 to $268.00 and gave the company a "neutral" rating in a report on Monday, July 7th. Keefe, Bruyette & Woods decreased their price objective on shares of Coinbase Global from $355.00 to $335.00 and set a "market perform" rating for the company in a report on Monday, August 4th. Finally, Compass Point reissued a "sell" rating and set a $248.00 target price (down from $330.00) on shares of Coinbase Global in a research report on Monday, August 4th. Thirteen investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $352.72.

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 336,265 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 1,185,704 shares of company stock valued at $438,918,732 in the last 90 days. 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.

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