Coinbase Global, Inc. $COIN Shares Bought by Focus Financial Network Inc.

Key Points

• Focus Financial Network Inc. increased its stake in Coinbase Global, Inc. by 59.1% during Q2, owning 2,702 shares valued at $947,000 as of the latest SEC filing.
• Recent analyst ratings for Coinbase showed a range of price targets, with Jefferies Financial Group raising their target to $405, while others maintain a "hold" rating with an average target of $356.18.
• Insider trading activity includes significant sales, with CEO Brian Armstrong selling 25,000 shares, reflecting a 97.94% decrease in his ownership, as corporate insiders have sold over $448 million worth of stock in the last quarter.

Focus Financial Network Inc. grew its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 59.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,702 shares of the cryptocurrency exchange's stock after buying an additional 1,004 shares during the period. Focus Financial Network Inc.'s holdings in Coinbase Global were worth $947,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Groupama Asset Managment raised its holdings in shares of Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after purchasing an additional 1,500,000 shares in the last quarter. Vanguard Group Inc. grew its position in Coinbase Global by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after purchasing an additional 875,359 shares during the last quarter. Nuveen LLC purchased a new stake in Coinbase Global during the 1st quarter worth approximately $83,454,000. Amundi boosted its holdings in shares of Coinbase Global by 44.1% in the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock valued at $268,850,000 after acquiring an additional 481,786 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Coinbase Global by 1,159.9% in the 4th quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange's stock valued at $81,612,000 after acquiring an additional 302,595 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Stock Down 3.3%

NASDAQ:COIN traded down $11.36 during mid-day trading on Monday, hitting $331.10. The stock had a trading volume of 6,722,838 shares, compared to its average volume of 11,196,618. The stock has a 50-day simple moving average of $336.66 and a two-hundred day simple moving average of $271.81. The company has a market capitalization of $85.07 billion, a PE ratio of 32.05 and a beta of 3.68. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. 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 issued its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). The firm had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The firm's revenue was up 3.3% compared to the same quarter last year. During the same period last year, the business earned $0.14 EPS. On average, equities research analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Transactions at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $304.52, for a total value of $3,045,200.00. Following the sale, the insider owned 82,328 shares of the company's stock, valued at $25,070,522.56. This trade represents a 10.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Lawrence J. Brock sold 5,903 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $311.37, for a total transaction of $1,838,017.11. Following the completion of the sale, the insider directly owned 478 shares in the company, valued at approximately $148,834.86. This trade represents a 92.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,202,515 shares of company stock valued at $448,306,941 over the last quarter. Insiders own 23.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Williams Trading set a $405.00 price target on shares of Coinbase Global in a report on Thursday, July 31st. Canaccord Genuity Group reissued a "buy" rating and issued a $400.00 price objective on shares of Coinbase Global in a report on Friday, August 1st. Piper Sandler reissued a "neutral" rating and issued a $350.00 price target on shares of Coinbase Global in a research note on Thursday, July 31st. Citigroup lifted their target price on shares of Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Finally, Barclays lifted their target price on shares of Coinbase Global from $352.00 to $365.00 and gave the company an "equal weight" rating in a report on Friday, August 15th. Thirteen equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $356.18.

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.