American Century Companies Inc. Acquires 16,591 Shares of Coinbase Global, Inc. $COIN

Key Points

• American Century Companies Inc. increased its stake in Coinbase Global, Inc. by 4.3%, now owning approximately 0.16% of the company's shares valued at $69 million.
• Coinbase has received mixed ratings from analysts, with a consensus rating of "Hold" and an average price target of $352.72 despite Barclays raising their target to $365.00.
• CEO Brian Armstrong sold a significant 336,265 shares of Coinbase stock for over $121 million, indicating a major decrease in his ownership.

American Century Companies Inc. grew its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 4.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 400,644 shares of the cryptocurrency exchange's stock after purchasing an additional 16,591 shares during the period. American Century Companies Inc. owned about 0.16% of Coinbase Global worth $69,003,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in COIN. Mascagni Wealth Management Inc. bought a new position in Coinbase Global in the 4th quarter valued at approximately $25,000. Copia Wealth Management bought a new position in shares of Coinbase Global during the fourth quarter valued at $26,000. Mpwm Advisory Solutions LLC bought a new position in shares of Coinbase Global during the fourth quarter valued at $35,000. Brooklands Fund Management Ltd bought a new position in shares of Coinbase Global during the fourth quarter valued at $37,245,000. Finally, Ameriflex Group Inc. bought a new position in shares of Coinbase Global during the fourth quarter valued at $37,000. Institutional investors and hedge funds own 68.84% of the company's stock.

Insider Buying and Selling at Coinbase Global

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 completion of the transaction, the chief executive officer directly 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 Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders have sold 1,185,704 shares of company stock worth $438,918,732. 17.65% of the stock is owned by corporate insiders.

Coinbase Global Stock Up 6.7%

Shares of COIN traded up $20.2660 during trading hours on Friday, reaching $320.5460. 6,098,416 shares of the stock traded hands, compared to its average volume of 11,502,141. 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 has a fifty day simple moving average of $344.45 and a 200 day simple moving average of $261.85. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $444.64. The company has a market cap of $82.36 billion, a price-to-earnings ratio of 30.98 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the company earned $0.14 earnings per share. The firm's revenue was up 3.3% on a year-over-year basis. On average, equities analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Sanford C. Bernstein raised their price target on shares of Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. Rosenblatt Securities reissued a "buy" rating and set a $470.00 target price on shares of Coinbase Global in a research note on Friday, August 1st. Barclays lifted 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 note on Friday, August 15th. Piper Sandler restated a "neutral" rating and issued a $350.00 price target on shares of Coinbase Global in a report on Thursday, July 31st. Finally, Compass Point restated a "sell" rating and issued a $248.00 price target (down from $330.00) on shares of Coinbase Global in a report on Monday, August 4th. 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 company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $352.72.

Coinbase Global 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.