GC Wealth Management RIA LLC Buys Shares of 1,240 Coinbase Global, Inc. $COIN

Key Points

• GC Wealth Management RIA LLC acquired 1,240 shares of Coinbase Global, Inc. valued at approximately $435,000 during the second quarter, reflecting increasing interest from institutional investors.
• Analysts have mixed views on Coinbase, with 13 rating it as a Buy and setting an average target price of $356.18, while HC Wainwright maintains a Sell rating with a $300 target.
• Insider sales included significant transactions from CEO Brian Armstrong and insider Paul Grewal, indicating a notable reduction in their ownership stakes.

GC Wealth Management RIA LLC purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,240 shares of the cryptocurrency exchange's stock, valued at approximately $435,000.

A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Coinbase Global by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after buying an additional 875,359 shares in the last quarter. ARK Investment Management LLC boosted its stake in shares of Coinbase Global by 1.1% in the first quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock valued at $528,592,000 after buying an additional 34,462 shares in the last quarter. Groupama Asset Managment boosted its stake in shares of Coinbase Global by 100.0% in the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after buying an additional 1,500,000 shares in the last quarter. Amundi boosted its stake in shares of Coinbase Global by 44.1% in the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock valued at $268,850,000 after buying an additional 481,786 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Coinbase Global by 0.6% in the first quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange's stock valued at $224,318,000 after buying an additional 7,675 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

COIN has been the subject of several research reports. HC Wainwright reaffirmed a "sell" rating and set a $300.00 price objective on shares of Coinbase Global in a report on Friday, August 1st. William Blair initiated coverage on Coinbase Global in a report on Wednesday, June 11th. They set an "outperform" rating for the company. Wall Street Zen raised Coinbase Global from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. JMP Securities lifted their price objective on Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a report on Monday, July 14th. Finally, China Renaissance initiated coverage on Coinbase Global in a report on Tuesday, June 17th. They set a "buy" rating and a $353.30 price objective for the company. Thirteen equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $356.18.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 15,439 shares of the business's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the transaction, the insider directly owned 82,328 shares of the company's stock, valued at $25,587,542.40. The trade was a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Brian Armstrong sold 198,300 shares of the business's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total value of $78,897,621.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $209,279.62. This trade represents a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 714,515 shares of company stock valued at $272,046,775. Insiders own 23.43% of the company's stock.

Coinbase Global Stock Performance

NASDAQ COIN opened at $337.49 on Wednesday. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The stock has a market cap of $86.71 billion, a price-to-earnings ratio of 32.64 and a beta of 3.68. The business has a fifty day moving average of $325.38 and a 200-day moving average of $277.73. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates 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 analyst estimates of $1.68 billion. During the same period last year, the firm earned $0.14 earnings per share. The business's revenue was up 3.3% compared to the same quarter last year. As a group, analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share 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.

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