Fox Run Management L.L.C. Purchases Shares of 3,561 Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Fox Run Management L.L.C. acquired 3,561 shares of Coinbase Global, Inc., valued at approximately $613,000, during the 1st quarter.
• Insider CEO Brian Armstrong sold over 336,000 shares of the company's stock, resulting in a significant reduction of his holdings by 99.84%.
• Coinbase Global reported lower-than-expected earnings of $0.12 per share, missing consensus estimates by $0.79, while revenue for the quarter was $1.50 billion.

Fox Run Management L.L.C. acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 3,561 shares of the cryptocurrency exchange's stock, valued at approximately $613,000.

Several other large investors also recently modified their holdings of COIN. Vanguard Group Inc. grew its stake in shares of Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after purchasing an additional 875,359 shares during the period. Nuveen LLC bought a new stake in shares of Coinbase Global in the 1st quarter valued at approximately $83,454,000. Two Sigma Advisers LP grew its stake in shares of Coinbase Global by 445.4% in the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange's stock valued at $101,431,000 after purchasing an additional 333,600 shares during the period. Wellington Management Group LLP grew its stake 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 purchasing an additional 302,595 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Coinbase Global by 29.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 979,129 shares of the cryptocurrency exchange's stock valued at $243,118,000 after purchasing an additional 222,789 shares during the period. 68.84% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Brian Armstrong sold 336,265 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total value of $121,933,051.65. Following the transaction, the chief executive officer directly owned 526 shares in the company, valued at $190,732.86. This trade represents a 99.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders sold 1,185,704 shares of company stock valued at $438,918,732. 17.65% of the stock is owned by company insiders.

Coinbase Global Stock Down 2.3%

NASDAQ:COIN opened at $317.55 on Friday. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $81.59 billion, a P/E ratio of 30.71 and a beta of 3.70. The stock's fifty day simple moving average is $339.97 and its 200-day simple moving average is $261.24.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results 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). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%. The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the business earned $0.14 earnings per share. The firm's revenue for the quarter was up 3.3% on a year-over-year basis. Equities research analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Jefferies Financial Group upped 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. JPMorgan Chase & Co. decreased their price target on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Williams Trading set a $405.00 price target on Coinbase Global in a research report on Thursday, July 31st. Needham & Company LLC increased their price target on Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, JMP Securities increased their price target on Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a research report on Monday, July 14th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Coinbase Global currently has a consensus rating of "Hold" and an average price target of $352.72.

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.