FengHe Fund Management Pte. Ltd. Makes New $2.33 Million Investment in Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• FengHe Fund Management Pte. Ltd. acquired a new stake in Coinbase Global, purchasing 13,500 shares valued at approximately $2.33 million, making it the 25th largest holding in their investment portfolio.
• Coinbase's stock performance has been mixed, with a current price target ranging from $215 to $470 based on various analyst ratings, indicating significant differences in outlook among analysts.
• In the recent quarter, Coinbase reported earnings of $0.12 per share, missing the consensus estimate of $0.91, with revenue decreasing compared to analysts' expectations.

FengHe Fund Management Pte. Ltd. bought a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 13,500 shares of the cryptocurrency exchange's stock, valued at approximately $2,325,000. Coinbase Global comprises approximately 0.9% of FengHe Fund Management Pte. Ltd.'s holdings, making the stock its 25th largest position.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mascagni Wealth Management Inc. bought a new position in shares of Coinbase Global in the fourth quarter worth approximately $25,000. Copia Wealth Management bought a new position in shares of Coinbase Global in the fourth quarter worth approximately $26,000. Mpwm Advisory Solutions LLC bought a new position in shares of Coinbase Global in the fourth quarter worth approximately $35,000. Brooklands Fund Management Ltd bought a new position in shares of Coinbase Global in the fourth quarter worth approximately $37,245,000. Finally, Ameriflex Group Inc. bought a new position in shares of Coinbase Global in the fourth quarter worth approximately $37,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

COIN has been the subject of a number of recent analyst reports. HC Wainwright reiterated a "sell" rating and issued a $300.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. Compass Point restated a "sell" rating and set a $248.00 target price (down previously from $330.00) on shares of Coinbase Global in a research report on Monday, August 4th. Rosenblatt Securities restated a "buy" rating and set a $470.00 target price on shares of Coinbase Global in a research report on Friday, August 1st. Erste Group Bank assumed coverage on shares of Coinbase Global in a research report on Wednesday, July 23rd. They set a "buy" rating for the company. Finally, The Goldman Sachs Group upped their target price on shares of Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a research report on Monday, July 7th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Coinbase Global currently has an average rating of "Hold" and an average target price of $352.18.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 336,265 shares of the firm's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the transaction, the chief executive officer owned 526 shares of the company's stock, valued at $190,732.86. This trade represents a 99.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 1,160,704 shares of company stock valued at $430,750,982. Company insiders own 17.65% of the company's stock.

Coinbase Global Trading Up 1.4%

Shares of COIN traded up $4.39 during midday trading on Wednesday, hitting $327.01. The stock had a trading volume of 15,282,929 shares, compared to its average volume of 14,399,758. The firm has a market cap of $84.02 billion, a PE ratio of 31.63 and a beta of 3.70. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The stock's 50 day moving average is $337.03 and its 200 day moving average is $260.87. 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 (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.79). The company had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%. The company's quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.14 EPS. As a group, analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal 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.