Entropy Technologies LP Makes New Investment in Coinbase Global, Inc. (NASDAQ:COIN)

Entropy Technologies LP acquired a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,404 shares of the cryptocurrency exchange's stock, valued at approximately $759,000.

Other hedge funds have also modified their holdings of the company. Koss Olinger Consulting LLC purchased a new position in Coinbase Global in the first quarter valued at $700,000. Townsquare Capital LLC boosted its holdings in Coinbase Global by 28.0% in the first quarter. Townsquare Capital LLC now owns 6,792 shares of the cryptocurrency exchange's stock valued at $1,170,000 after purchasing an additional 1,484 shares during the period. Sloy Dahl & Holst LLC boosted its holdings in Coinbase Global by 53.0% in the first quarter. Sloy Dahl & Holst LLC now owns 94,091 shares of the cryptocurrency exchange's stock valued at $16,205,000 after purchasing an additional 32,598 shares during the period. Savvy Advisors Inc. boosted its holdings in Coinbase Global by 51.8% in the first quarter. Savvy Advisors Inc. now owns 3,351 shares of the cryptocurrency exchange's stock valued at $577,000 after purchasing an additional 1,144 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Coinbase Global by 8.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 166,843 shares of the cryptocurrency exchange's stock valued at $28,735,000 after purchasing an additional 12,495 shares during the period. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. China Renaissance assumed coverage on Coinbase Global in a report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 target price for the company. Piper Sandler reiterated a "neutral" rating and issued a $350.00 target price on shares of Coinbase Global in a report on Thursday, July 31st. Needham & Company LLC boosted their target price 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. Compass Point reiterated a "sell" rating and set a $248.00 target price (down previously from $330.00) on shares of Coinbase Global in a research note on Monday, August 4th. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $400.00 target price on shares of Coinbase Global in a research note on Friday, August 1st. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $352.18.

Insider Activity

In other news, CFO Alesia J. Haas sold 3,000 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $360.20, for a total value of $1,080,600.00. Following the completion of the sale, the chief financial officer directly owned 97,366 shares of the company's stock, valued at approximately $35,071,233.20. This represents a 2.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of the company's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $317.09, for a total transaction of $7,927,250.00. Following the completion of the sale, the chief executive officer directly owned 526 shares of the company's stock, valued at $166,789.34. The trade was a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,160,704 shares of company stock valued at $430,750,982. Insiders own 23.43% of the company's stock.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $322.62 on Wednesday. The company has a 50-day simple moving average of $335.61 and a 200-day simple moving average of $260.41. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64. 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 stock has a market capitalization of $82.89 billion, a price-to-earnings ratio of 31.20 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its 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 business had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the previous year, the company posted $0.14 earnings per share. Coinbase Global's quarterly revenue was up 3.3% on a year-over-year basis. On average, analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

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.

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