Cresset Asset Management LLC Has $11.10 Million Holdings in Coinbase Global, Inc. $COIN

Key Points

• Cresset Asset Management LLC increased its stake in Coinbase Global, Inc. by 5.2%, acquiring a total of 64,461 shares valued at approximately $11.1 million.
• Insider trading included significant sales, with CEO Brian Armstrong selling 25,000 shares and Paul Grewal selling 10,000 shares, resulting in substantial decreases in their ownership.
• Coinbase reported a net margin of 40.87% for the last quarter, but missed earnings per share estimates, posting $0.12 compared to expectations of $0.91.

Cresset Asset Management LLC increased its position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 5.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 64,461 shares of the cryptocurrency exchange's stock after acquiring an additional 3,189 shares during the period. Cresset Asset Management LLC's holdings in Coinbase Global were worth $11,102,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in COIN. Mascagni Wealth Management Inc. bought a new position in shares of Coinbase Global in the fourth quarter worth $25,000. Copia Wealth Management acquired a new position in Coinbase Global during the 4th quarter valued at about $26,000. Bessemer Group Inc. increased its stake in Coinbase Global by 297.4% during the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after buying an additional 113 shares during the period. McClarren Financial Advisors Inc. acquired a new stake in shares of Coinbase Global in the 1st quarter worth approximately $30,000. Finally, S Bank Fund Management Ltd bought a new position in shares of Coinbase Global in the first quarter valued at approximately $31,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 336,265 shares of Coinbase Global 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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 1,185,704 shares of company stock worth $438,918,732. 23.43% of the stock is owned by company insiders.

Coinbase Global Price Performance

COIN stock traded down $18.66 during midday trading on Tuesday, reaching $302.07. 10,261,407 shares of the company's stock traded hands, compared to its average volume of 11,595,973. The company has a 50-day simple moving average of $341.25 and a two-hundred day simple moving average of $261.16. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64. The company has a market cap of $77.61 billion, a price-to-earnings ratio of 29.21 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.79). The firm 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%.The firm's quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.14 EPS. On average, analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Canaccord Genuity Group reissued a "buy" rating and issued a $400.00 price target on shares of Coinbase Global in a report on Friday, August 1st. Wall Street Zen upgraded Coinbase Global from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Piper Sandler reiterated a "neutral" rating and issued a $350.00 target price on shares of Coinbase Global in a research report on Thursday, July 31st. Compass Point restated a "sell" rating and set a $248.00 price objective (down previously from $330.00) on shares of Coinbase Global in a report on Monday, August 4th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $470.00 price objective on shares of Coinbase Global in a research report on Friday, August 1st. Thirteen research 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. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $352.72.

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.