Headlands Technologies LLC Makes New Investment in Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Headlands Technologies LLC has acquired a new stake in Coinbase Global, purchasing 7,513 shares valued at approximately $1.29 million in the first quarter of 2023.
• Coinbase's stock price recently hit $310.54, with a 1-year range between $142.58 and $444.64, and the company's current market capitalization stands at $79.79 billion.
• In Q2 2023, Coinbase reported earnings of $0.12 per share, falling short of analysts' expectations of $0.91, with a revenue of $1.50 billion compared to an anticipated $1.68 billion.

Headlands Technologies LLC purchased a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 7,513 shares of the cryptocurrency exchange's stock, valued at approximately $1,294,000.

Several other large investors have also made changes to their positions in the company. Mascagni Wealth Management Inc. acquired a new stake in Coinbase Global in the 4th quarter worth approximately $25,000. Copia Wealth Management bought a new stake in shares of Coinbase Global during the 4th quarter worth $26,000. Bessemer Group Inc. grew its stake in Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after buying an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. bought a new position in Coinbase Global in the 1st quarter worth $30,000. Finally, NBT Bank N A NY acquired a new position in Coinbase Global during the 1st quarter worth $33,000. Institutional investors own 68.84% of the company's stock.

Coinbase Global Price Performance

NASDAQ COIN traded down $0.25 on Friday, hitting $310.54. 9,219,479 shares of the company were exchanged, compared to its average volume of 15,007,430. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64. The firm has a 50 day moving average of $332.88 and a two-hundred day moving average of $260.33. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The company has a market cap of $79.79 billion, a P/E ratio of 30.03, a P/E/G ratio of 26.89 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the company posted $0.14 earnings per share. Coinbase Global's revenue for the quarter was up 3.3% on a year-over-year basis. On average, equities analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Activity

In other Coinbase Global news, CEO Brian Armstrong sold 336,265 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the transaction, the chief executive officer directly owned 526 shares in the company, valued at approximately $190,732.86. This represents a 99.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the sale, the director directly owned 10,417 shares of the company's stock, valued at approximately $2,632,167.56. This trade represents a 74.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,208,340 shares of company stock worth $442,911,206. 17.65% of the stock is owned by company insiders.

Analysts Set New Price Targets

COIN has been the topic of a number of recent analyst reports. Benchmark lifted their price objective on Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. HC Wainwright reaffirmed a "sell" rating and issued a $300.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. William Blair started coverage on Coinbase Global in a report on Wednesday, June 11th. They set an "outperform" rating for the company. The Goldman Sachs Group raised their price objective on shares of Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a research note on Monday, July 7th. Finally, Compass Point reiterated a "sell" rating and set a $248.00 target price (down from $330.00) on shares of Coinbase Global in a research note on Monday. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $352.18.

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.