Cypress Wealth Services LLC Acquires New Stake in Coinbase Global, Inc. $COIN

Key Points

• Cypress Wealth Services LLC acquired a new stake in Coinbase Global, purchasing 745 shares valued at approximately $261,000 during the 2nd quarter.
• Insider sales included significant transactions by CEO Brian Armstrong, who sold 25,000 shares, leading to a 97.94% decrease in his position.
• Wall Street analysts have mixed views on Coinbase's stock, with forecasts ranging from a buy rating and a price target increase to $421, to a sell rating with a lower target of $300.

Cypress Wealth Services LLC acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 745 shares of the cryptocurrency exchange's stock, valued at approximately $261,000.

Several other institutional investors have also added to or reduced their stakes in COIN. Groupama Asset Managment lifted its position in Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after acquiring an additional 1,500,000 shares in the last quarter. Vanguard Group Inc. lifted its position in Coinbase Global by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after buying an additional 875,359 shares in the last quarter. Nuveen LLC bought a new stake in Coinbase Global during the 1st quarter worth about $83,454,000. Amundi lifted its position in Coinbase Global by 44.1% during the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock worth $268,850,000 after buying an additional 481,786 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in Coinbase Global by 2,647.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 198,526 shares of the cryptocurrency exchange's stock worth $66,572,000 after buying an additional 191,300 shares in the last quarter. 68.84% of the stock is owned by institutional investors.

Insider Activity at Coinbase Global

In related news, insider Lawrence J. Brock sold 5,903 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $311.37, for a total value of $1,838,017.11. Following the transaction, the insider owned 478 shares in the company, valued at approximately $148,834.86. This represents a 92.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the company's stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $355.47, for a total transaction of $8,886,750.00. Following the completion of the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $186,977.22. This trade represents a 97.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 174,515 shares of company stock worth $56,329,451 in the last quarter. Corporate insiders own 23.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Benchmark boosted their price target on shares of Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Monness Crespi & Hardt cut shares of Coinbase Global from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. HC Wainwright reissued a "sell" rating and set a $300.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. Weiss Ratings reissued a "hold (c)" rating on shares of Coinbase Global in a research report on Tuesday. Finally, The Goldman Sachs Group upped their target price on shares of Coinbase Global from $363.00 to $385.00 and gave the company a "neutral" rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Coinbase Global presently has a consensus rating of "Moderate Buy" and a consensus price target of $367.94.

Coinbase Global Stock Down 4.3%

Shares of COIN stock opened at $341.55 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The firm's 50-day moving average is $326.71 and its 200-day moving average is $290.13. The stock has a market cap of $87.76 billion, a price-to-earnings ratio of 33.03 and a beta of 3.68. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS 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 during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the company posted $0.14 EPS. The firm's quarterly revenue was up 3.3% on a year-over-year basis. Sell-side analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

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.

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