Forvis Mazars Wealth Advisors LLC Makes New $353,000 Investment in Coinbase Global, Inc. $COIN

Key Points

• Forvis Mazars Wealth Advisors LLC has made a new investment of $353,000 in Coinbase Global, acquiring 1,006 shares during the 2nd quarter.
• Insider trades showed CEO Brian Armstrong sold 25,000 shares at $361.32, significantly reducing his ownership by nearly 98%.
• Coinbase Global's stock is currently trading at $343.78, with a market cap of $88.33 billion and an average price target of $369.01 from research analysts.

Forvis Mazars Wealth Advisors LLC acquired a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,006 shares of the cryptocurrency exchange's stock, valued at approximately $353,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Envestnet Asset Management Inc. raised its holdings in Coinbase Global by 24.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange's stock worth $8,861,000 after buying an additional 9,952 shares during the period. Amalgamated Bank increased its holdings in shares of Coinbase Global by 4.8% in the 1st quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock valued at $2,368,000 after purchasing an additional 629 shares during the period. Kera Capital Partners Inc. increased its holdings in shares of Coinbase Global by 3.0% in the 2nd quarter. Kera Capital Partners Inc. now owns 36,960 shares of the cryptocurrency exchange's stock valued at $12,954,000 after purchasing an additional 1,085 shares during the period. Parallel Advisors LLC increased its holdings in shares of Coinbase Global by 102.6% in the 2nd quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange's stock valued at $3,738,000 after purchasing an additional 5,402 shares during the period. Finally, GAMMA Investing LLC increased its holdings in shares of Coinbase Global by 8.1% in the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock valued at $193,000 after purchasing an additional 84 shares during the period. Institutional investors and hedge funds own 68.84% of the company's stock.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of the company's stock in a transaction that occurred on 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 sale, the chief executive officer owned 526 shares of the company's stock, valued at $190,054.32. This represents a 97.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the company's 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 sale, the insider directly owned 82,328 shares of the company's stock, valued at $28,475,608.64. The trade was a 10.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 205,657 shares of company stock valued at $67,479,576 over the last 90 days. 23.43% of the stock is currently owned by company insiders.

Coinbase Global Trading Up 2.3%

Shares of NASDAQ COIN opened at $343.78 on Tuesday. The stock has a market cap of $88.33 billion, a price-to-earnings ratio of 33.25 and a beta of 3.68. The business has a 50 day simple moving average of $328.75 and a 200 day simple moving average of $295.56. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week 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.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced 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 firm 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%. The company's quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.14 EPS. On average, research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on COIN shares. Bank of America dropped their target price on Coinbase Global from $369.00 to $340.00 in a report on Wednesday, October 1st. HC Wainwright reiterated a "sell" rating and issued a $300.00 target price on shares of Coinbase Global in a report on Friday, August 1st. Sanford C. Bernstein upped their target price on Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Compass Point upped their target price on Coinbase Global from $248.00 to $277.00 and gave the company a "sell" rating in a report on Monday. Finally, Monness Crespi & Hardt downgraded Coinbase Global from a "buy" rating to a "neutral" rating in a report on Monday, July 28th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $369.01.

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.

Want to see what other hedge funds are holding COIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coinbase Global, Inc. (NASDAQ:COIN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.