KLP Kapitalforvaltning AS Raises Stock Holdings in Coinbase Global, Inc. $COIN

Key Points

• KLP Kapitalforvaltning AS raised its stake in Coinbase Global, Inc. by 8.4%, owning 70,900 shares valued at approximately $24.85 million as of the latest SEC filing.
• Several hedge funds, including RMG Wealth Management and Belpointe Asset Management, have recently increased their positions in Coinbase, contributing to 68.84% of shares currently held by institutional investors.
• Analysts have set varying price targets for Coinbase, with Goldman Sachs increasing its target from $351 to $363 and Needham & Company raising theirs from $270 to $400, indicating a consensus rating of "Moderate Buy".

KLP Kapitalforvaltning AS increased its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 8.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 70,900 shares of the cryptocurrency exchange's stock after purchasing an additional 5,500 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Coinbase Global were worth $24,850,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in COIN. RMG Wealth Management LLC acquired a new position in Coinbase Global during the 2nd quarter valued at about $88,000. Meitav Investment House Ltd. increased its position in Coinbase Global by 4.1% during the 2nd quarter. Meitav Investment House Ltd. now owns 1,874 shares of the cryptocurrency exchange's stock valued at $657,000 after buying an additional 74 shares in the last quarter. MADDEN SECURITIES Corp acquired a new position in Coinbase Global during the 2nd quarter valued at about $216,000. Capital Advisors Inc. OK acquired a new position in Coinbase Global during the 2nd quarter valued at about $317,000. Finally, Belpointe Asset Management LLC increased its position in Coinbase Global by 15.1% during the 2nd quarter. Belpointe Asset Management LLC now owns 2,337 shares of the cryptocurrency exchange's stock valued at $819,000 after buying an additional 306 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

Several research analysts recently issued reports on the company. The Goldman Sachs Group upped their target price on Coinbase Global from $351.00 to $363.00 and gave the company a "neutral" rating in a research report on Friday, October 3rd. China Renaissance assumed coverage on Coinbase Global in a research report on Tuesday, June 17th. They set a "buy" rating and a $353.30 target price on the stock. Compass Point reaffirmed a "sell" rating and set a $248.00 target price (down from $330.00) on shares of Coinbase Global in a research report on Monday, August 4th. Needham & Company LLC raised their price objective on Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Finally, Jefferies Financial Group raised their price objective on Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a research note on Tuesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Coinbase Global presently has a consensus rating of "Moderate Buy" and an average target price of $367.27.

Insider Activity

In related news, insider Lawrence J. Brock sold 5,903 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $311.37, for a total transaction of $1,838,017.11. Following the sale, the insider directly owned 478 shares of the company's stock, valued at $148,834.86. This trade represents a 92.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jennifer N. Jones sold 1,756 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $300.52, for a total value of $527,713.12. The disclosure for this sale can be found here. Insiders sold 739,515 shares of company stock valued at $280,933,525 over the last 90 days. Company insiders own 23.43% of the company's stock.

Coinbase Global Trading Down 2.7%

Shares of NASDAQ:COIN opened at $375.78 on Wednesday. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $444.64. The stock has a market cap of $96.55 billion, a price-to-earnings ratio of 36.34 and a beta of 3.68. 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 50-day moving average price of $323.84 and a 200-day moving average price of $284.12.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.79). The company had revenue of $1.50 billion for 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 firm's revenue was up 3.3% on a year-over-year basis. During the same period last year, the business earned $0.14 earnings per share. Equities analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

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.

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