Ethic Inc. Raises Position in Coinbase Global, Inc. $COIN

Key Points

• Ethic Inc. increased its shares in Coinbase Global, Inc. by 67.6% during the second quarter, holding a total of 17,555 shares valued at approximately $6.2 million.
• Insider trading was notable as CEO Brian Armstrong sold 25,000 shares for $9 million, reducing his ownership by 97.94%, while CFO Alesia J. Haas sold 4,400 shares valued at over $1.5 million.
• Coinbase Global reported a net loss in its latest quarterly earnings, with earnings per share of $0.12 missing estimates by $0.79, amidst a revenue decrease compared to analyst projections.

Ethic Inc. increased its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 67.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,555 shares of the cryptocurrency exchange's stock after acquiring an additional 7,079 shares during the quarter. Ethic Inc.'s holdings in Coinbase Global were worth $6,205,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Cadent Capital Advisors LLC lifted its holdings in Coinbase Global by 1.0% during the second quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange's stock worth $1,108,000 after acquiring an additional 30 shares during the period. Ameriflex Group Inc. lifted its holdings in Coinbase Global by 20.0% during the second quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange's stock worth $68,000 after acquiring an additional 30 shares during the period. Pettinga Financial Advisors LLC lifted its holdings in Coinbase Global by 2.6% during the second quarter. Pettinga Financial Advisors LLC now owns 1,321 shares of the cryptocurrency exchange's stock worth $463,000 after acquiring an additional 34 shares during the period. Hemington Wealth Management lifted its holdings in Coinbase Global by 12.1% during the second quarter. Hemington Wealth Management now owns 352 shares of the cryptocurrency exchange's stock worth $123,000 after acquiring an additional 38 shares during the period. Finally, Capital Advisors Ltd. LLC raised its stake in shares of Coinbase Global by 13.7% in the second quarter. Capital Advisors Ltd. LLC now owns 323 shares of the cryptocurrency exchange's stock valued at $113,000 after buying an additional 39 shares during the period. 68.84% of the stock is currently owned by institutional investors.

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 25,000 shares of the business's stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $361.32, for a total transaction of $9,033,000.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares in the company, valued at $190,054.32. The trade was a 97.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Alesia J. Haas sold 4,400 shares of the business's stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $344.41, for a total value of $1,515,404.00. Following the transaction, the chief financial officer owned 84,820 shares of the company's stock, valued at approximately $29,212,856.20. The trade was a 4.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 205,657 shares of company stock worth $67,479,576. 17.65% of the stock is owned by company insiders.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $320.33 on Thursday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $444.64. The firm has a market cap of $82.31 billion, a price-to-earnings ratio of 30.98 and a beta of 3.68. The business's fifty day moving average is $328.93 and its 200 day moving average is $296.02.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (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 for 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 business's revenue for the quarter was up 3.3% compared to the same quarter last year. Research analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Wall Street Analyst Weigh In

COIN has been the topic of a number of recent research reports. Wall Street Zen raised Coinbase Global from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Weiss Ratings restated a "hold (c)" rating on shares of Coinbase Global in a research note on Tuesday, October 14th. Needham & Company LLC boosted their price objective on Coinbase Global from $270.00 to $400.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Citigroup boosted their price objective on Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Finally, Jefferies Financial Group boosted their price objective on Coinbase Global from $260.00 to $405.00 and gave the company a "hold" rating in a research note on Tuesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $376.09.

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.

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