Harvest Portfolios Group Inc. Raises Stock Holdings in Coinbase Global, Inc. $COIN

Key Points

• Harvest Portfolios Group Inc. increased its stake in Coinbase Global, Inc. by 2,250.1% in the 1st quarter, resulting in ownership of 110,574 shares valued at approximately $19.04 million.
• Coinbase Global's CEO, Brian Armstrong, sold 25,000 shares of the company's stock, dramatically reducing his ownership, which now stands at only 526 shares.
• Coinbase Global's stock has fluctuated recently, with a 4.3% decrease and a current price opening at $306.00, while analysts have differing outlooks with target prices ranging from $270.00 to $405.00.

Harvest Portfolios Group Inc. grew its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 2,250.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 110,574 shares of the cryptocurrency exchange's stock after purchasing an additional 105,869 shares during the quarter. Harvest Portfolios Group Inc.'s holdings in Coinbase Global were worth $19,044,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after acquiring an additional 875,359 shares in the last quarter. ARK Investment Management LLC increased its holdings in Coinbase Global by 1.1% in the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock worth $528,592,000 after acquiring an additional 34,462 shares in the last quarter. Groupama Asset Managment increased its holdings in Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock worth $516,690,000 after acquiring an additional 1,500,000 shares in the last quarter. Northern Trust Corp increased its holdings in Coinbase Global by 0.6% in the 1st quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange's stock worth $224,318,000 after acquiring an additional 7,675 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in 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 worth $243,118,000 after acquiring an additional 222,789 shares in the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $326.71, for a total value of $8,167,750.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $171,849.46. The trade was a 97.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Grewal sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total value of $3,486,400.00. Following the transaction, the insider directly owned 82,328 shares of the company's stock, valued at approximately $28,702,833.92. The trade was a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,172,773 shares of company stock valued at $435,462,405. Corporate insiders own 23.43% of the company's stock.

Coinbase Global Stock Down 4.3%

Shares of COIN opened at $306.00 on Tuesday. 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 business has a fifty day moving average of $346.88 and a 200 day moving average of $262.20. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $444.64. The company has a market cap of $78.62 billion, a PE ratio of 29.59 and a beta of 3.70.

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 (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 business had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the company earned $0.14 earnings per share. The firm's revenue was up 3.3% on a year-over-year basis. On average, sell-side analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Analyst Upgrades and Downgrades

COIN has been the subject of several analyst reports. Needham & Company LLC increased their target price on shares of Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Canaccord Genuity Group reaffirmed a "buy" rating and set a $400.00 price objective on shares of Coinbase Global in a report on Friday, August 1st. 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. Jefferies Financial Group increased their price objective on shares of Coinbase Global from $260.00 to $405.00 and gave the company a "hold" rating in a report on Tuesday, July 29th. Finally, Wall Street Zen upgraded Coinbase Global from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Thirteen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $352.72.

Coinbase Global Company 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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