Hartford Investment Management Co. Makes New $4.47 Million Investment in Coinbase Global, Inc. $COIN

Key Points

• Hartford Investment Management Co. invested approximately $4.47 million in Coinbase Global, acquiring 12,750 shares during the second quarter, as reported in its recent SEC filing.
• Coinbase reported earnings of $0.12 per share, missing estimates, with quarterly revenue of $1.50 billion, compared to an expected $1.68 billion.
• Multiple hedge funds increased their stakes in Coinbase, with notable increases including a 24% stake increase by Envestnet Asset Management and a 102.6% stake increase by Parallel Advisors LLC.

Hartford Investment Management Co. purchased 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 SEC. The institutional investor purchased 12,750 shares of the cryptocurrency exchange's stock, valued at approximately $4,469,000.

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

Coinbase Global Stock Performance

NASDAQ COIN opened at $312.59 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. The firm has a market capitalization of $80.32 billion, a price-to-earnings ratio of 30.23 and a beta of 3.68. The company's fifty day moving average is $328.31 and its two-hundred day moving average is $274.99. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $444.64.

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). The company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The business's revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.14 earnings per share. Equities research analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Analysts Set New Price Targets

COIN has been the topic of several analyst reports. JMP Securities increased their price target on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a research note on Monday, July 14th. Erste Group Bank assumed coverage on shares of Coinbase Global in a research note on Wednesday, July 23rd. They set a "buy" rating on the stock. Compass Point reiterated a "sell" rating and issued a $248.00 target price (down from $330.00) on shares of Coinbase Global in a research note on Monday, August 4th. Jefferies Financial Group raised their target price on shares of Coinbase Global from $260.00 to $405.00 and gave the company a "hold" rating in a research note on Tuesday, July 29th. Finally, HC Wainwright reiterated a "sell" rating and issued a $300.00 target price on shares of Coinbase Global in a research note on Friday, August 1st. Thirteen 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 MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $356.18.

Insider Buying and Selling

In other Coinbase Global news, insider Lawrence J. Brock sold 5,903 shares of the firm's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $311.37, for a total value of $1,838,017.11. Following the sale, the insider directly owned 478 shares in the company, valued at $148,834.86. This trade represents a 92.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $322.28, for a total transaction of $8,057,000.00. Following the completion of the sale, the chief executive officer owned 526 shares in the company, valued at $169,519.28. This represents a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 749,515 shares of company stock worth $283,990,425. 17.65% of the stock is currently owned by corporate insiders.

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.

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.