Intech Investment Management LLC Boosts Holdings in Coinbase Global, Inc. $COIN

Key Points

• Intech Investment Management LLC has increased its stake in Coinbase Global, Inc. by 136.1% in Q1, owning 41,149 shares valued at approximately $7.09 million as of the latest SEC filing.
• Coinbase's share price opened at $323.95, with a market capitalization of $83.24 billion, while posting disappointing earnings of $0.12 EPS against an expectation of $0.91.
• Institutional investors currently own 68.84% of Coinbase stock, reflecting significant interest from large market players amidst various adjustments in their holdings.

Intech Investment Management LLC raised its position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 136.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,149 shares of the cryptocurrency exchange's stock after buying an additional 23,724 shares during the quarter. Intech Investment Management LLC's holdings in Coinbase Global were worth $7,087,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in COIN. 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 during the last quarter. Vanguard Group Inc. lifted its stake in shares of Coinbase Global by 4.8% during 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 buying an additional 875,359 shares in the last quarter. Nuveen LLC bought a new position in Coinbase Global in the 1st quarter worth approximately $83,454,000. Amundi grew its stake in Coinbase Global by 44.1% in the 1st 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, Two Sigma Advisers LP raised its holdings in Coinbase Global by 445.4% during the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange's stock valued at $101,431,000 after acquiring an additional 333,600 shares during the period. Institutional investors own 68.84% of the company's stock.

Coinbase Global Price Performance

Shares of NASDAQ COIN traded down $0.91 during midday trading on Friday, hitting $323.04. 6,910,551 shares of the company's stock were exchanged, compared to its average volume of 7,671,783. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. 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 $83.00 billion, a price-to-earnings ratio of 31.24 and a beta of 3.68. The business's fifty day moving average price is $340.68 and its two-hundred day moving average price is $267.68.

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 for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The company had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the prior year, the business earned $0.14 earnings per share. The company's revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, research analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on COIN. The Goldman Sachs Group raised their price target on Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a report on Monday, July 7th. Citigroup lifted their target price on Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. China Renaissance assumed coverage on shares of Coinbase Global in a report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price target on the stock. Williams Trading set a $405.00 price objective on shares of Coinbase Global in a research report on Thursday, July 31st. Finally, Benchmark upped their target price on shares of Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Thirteen investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Coinbase Global presently has an average rating of "Hold" and a consensus price target of $352.72.

Insider Activity at Coinbase Global

In related news, CAO Jennifer N. Jones sold 1,756 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $300.52, for a total value of $527,713.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lawrence J. Brock sold 5,903 shares of Coinbase Global stock in a transaction dated Friday, August 22nd. The stock was 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 of the company's stock, valued at approximately $148,834.86. This trade represents a 92.51% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,180,871 shares of company stock worth $440,664,276. Corporate insiders own 23.43% of the company's stock.

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.