FNY Investment Advisers LLC Takes $657,000 Position in Coinbase Global, Inc. $COIN

Key Points

• FNY Investment Advisers LLC has acquired a new stake in Coinbase Global, Inc., purchasing 1,877 shares valued at approximately $657,000 during the second quarter.
• A significant portion, 68.84%, of Coinbase's stock is owned by institutional investors, indicating robust institutional interest in the company.
• Analysts show a mixed outlook on Coinbase, with a consensus rating of "Moderate Buy" and a price target averaging $369.01, reflecting varied projections on the stock's future performance.

FNY Investment Advisers LLC purchased a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,877 shares of the cryptocurrency exchange's stock, valued at approximately $657,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of COIN. Bessemer Group Inc. increased its position in Coinbase Global by 297.4% during the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after acquiring an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. purchased a new stake in Coinbase Global in the first quarter worth about $30,000. Cullen Frost Bankers Inc. purchased a new stake in Coinbase Global in the second quarter worth about $30,000. S Bank Fund Management Ltd purchased a new stake in Coinbase Global in the first quarter worth about $31,000. Finally, SouthState Corp increased its position in Coinbase Global by 128.4% in the first quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange's stock worth $32,000 after buying an additional 104 shares in the last quarter. 68.84% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the company. Monness Crespi & Hardt cut Coinbase Global from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. Piper Sandler restated a "neutral" rating and issued a $350.00 price target on shares of Coinbase Global in a research report on Thursday, July 31st. Sanford C. Bernstein upped their price target on Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. BTIG Research assumed coverage on Coinbase Global in a research report on Wednesday, October 1st. They issued a "buy" rating and a $410.00 price target for the company. Finally, Rothschild & Co Redburn raised Coinbase Global from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $325.00 to $417.00 in a research note on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $369.01.

Insider Transactions at Coinbase Global

In other news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $361.32, for a total value of $9,033,000.00. Following the sale, the chief executive officer directly owned 526 shares in the company, valued at approximately $190,054.32. This represents a 97.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $345.88, for a total value of $3,458,800.00. Following the completion of the sale, the insider owned 82,328 shares in the company, valued at approximately $28,475,608.64. The trade was a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 205,657 shares of company stock worth $67,479,576. 23.43% of the stock is currently owned by company insiders.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $338.62 on Wednesday. The stock has a 50 day moving average of $329.07 and a 200 day moving average of $295.86. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The firm has a market cap of $87.01 billion, a PE ratio of 32.75 and a beta of 3.68. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (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 the consensus estimate of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. Coinbase Global's revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.14 earnings per share. On average, research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal 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.

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