Coinbase Global, Inc. (NASDAQ:COIN) Shares Acquired by Virtu Financial LLC

Key Points

• Virtu Financial LLC has increased its position in Coinbase Global by 15.0%, owning 15,555 shares valued at approximately $2.68 million.
• Coinbase Global reported earnings of $0.12 per share, falling short of analysts' expectations of $0.91, with quarterly revenues of $1.50 billion.
• Insiders at Coinbase, including CFO Alesia J. Haas, have sold significant portions of their holdings, with insiders selling a total of 1.2 million shares worth over $442 million in the last three months.

Virtu Financial LLC lifted its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 15.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,555 shares of the cryptocurrency exchange's stock after acquiring an additional 2,028 shares during the period. Virtu Financial LLC's holdings in Coinbase Global were worth $2,679,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Mascagni Wealth Management Inc. acquired a new stake in Coinbase Global during the fourth quarter worth approximately $25,000. Copia Wealth Management acquired a new stake in Coinbase Global during the fourth quarter worth approximately $26,000. Bessemer Group Inc. boosted its position in Coinbase Global by 297.4% during the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after acquiring an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. acquired a new stake in Coinbase Global during the first quarter worth approximately $30,000. Finally, NBT Bank N A NY acquired a new stake in Coinbase Global during the first quarter worth approximately $33,000. Institutional investors and hedge funds own 68.84% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Erste Group Bank initiated coverage on shares of Coinbase Global in a research report on Wednesday, July 23rd. They set a "buy" rating on the stock. Needham & Company LLC increased their price target on shares of Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. The Goldman Sachs Group increased their price target on shares of Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a research note on Monday, July 7th. William Blair initiated coverage on shares of Coinbase Global in a research note on Wednesday, June 11th. They set an "outperform" rating on the stock. Finally, Monness Crespi & Hardt downgraded shares of Coinbase Global from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $352.18.

Coinbase Global Stock Up 0.9%

Coinbase Global stock traded up $3.00 during midday trading on Tuesday, hitting $322.62. 9,912,136 shares of the stock were exchanged, compared to its average volume of 11,636,784. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The firm has a market cap of $82.89 billion, a P/E ratio of 31.20 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 has a 50 day moving average price of $334.34 and a two-hundred day moving average price of $259.98.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data 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). The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%. Coinbase Global's revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.14 earnings per share. On average, sell-side analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 336,265 shares of the firm's stock in a transaction 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 trade represents a 99.84% decrease in their position. The sale 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 1,176,221 shares of company stock worth $434,800,609. 23.43% of the stock is owned by company insiders.

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.