Encompass More Asset Management Makes New $567,000 Investment in Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Encompass More Asset Management has acquired a new stake in Coinbase Global, purchasing 3,292 shares valued at approximately $567,000.
• Coinbase reported $0.12 EPS for the quarter, missing analysts' estimates of $0.91, with total revenue of $1.50 billion.
• Analysts have varying price targets for Coinbase, with Citigroup raising their target from $270.00 to $505.00 while others have set targets as low as $248.00.

Encompass More Asset Management purchased a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 3,292 shares of the cryptocurrency exchange's stock, valued at approximately $567,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in COIN. Mascagni Wealth Management Inc. bought a new position in shares of Coinbase Global in the fourth quarter valued at approximately $25,000. Copia Wealth Management bought a new stake in shares of Coinbase Global during the 4th quarter worth $26,000. Bessemer Group Inc. boosted its holdings in shares of Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after buying an additional 113 shares during the last quarter. NBT Bank N A NY purchased a new position in shares of Coinbase Global in the 1st quarter worth about $33,000. Finally, Berbice Capital Management LLC bought a new position in Coinbase Global during the first quarter valued at about $34,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Coinbase Global

In related news, CEO Brian Armstrong sold 336,265 shares of the stock in a transaction dated 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 directly 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 legal filing with the SEC, which is available through this link. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total value of $7,622,597.56. Following the sale, the director directly owned 10,417 shares of the company's stock, valued at approximately $2,632,167.56. This trade represents a 74.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,183,340 shares of company stock worth $434,983,956 over the last ninety days. Insiders own 23.43% of the company's stock.

Wall Street Analysts Forecast Growth

COIN has been the topic of several research reports. Erste Group Bank began coverage on shares of Coinbase Global in a research report on Wednesday, July 23rd. They issued a "buy" rating on the stock. Keefe, Bruyette & Woods decreased their price target on shares of Coinbase Global from $355.00 to $335.00 and set a "market perform" rating for the company in a research note on Monday. Cantor Fitzgerald started coverage on Coinbase Global in a research note on Tuesday, April 8th. They issued an "overweight" rating and a $245.00 price objective on the stock. Monness Crespi & Hardt downgraded Coinbase Global from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. Finally, JMP Securities upped their price target on Coinbase Global from $400.00 to $440.00 and gave the company a "market outperform" rating in a research report on Monday, July 14th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $352.18.

Coinbase Global Price Performance

COIN stock traded down $20.18 during mid-day trading on Tuesday, hitting $297.99. 16,799,939 shares of the stock were exchanged, compared to its average volume of 14,682,992. The stock has a market capitalization of $75.65 billion, a price-to-earnings ratio of 28.82, a PEG ratio of 24.46 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. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The business has a fifty day moving average price of $329.37 and a 200 day moving average price of $259.80.

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 analysts' consensus estimates of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the firm posted $0.14 earnings per share. The company's revenue was up 3.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current year.

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.