KMG Fiduciary Partners LLC Buys 1,163 Shares of Coinbase Global, Inc. $COIN

Key Points

• KMG Fiduciary Partners LLC increased its stake in Coinbase Global, Inc. by 11.1% during the second quarter, now holding shares valued at $4.08 million.
• Analysts have mixed ratings on Coinbase stock, with a consensus rating of "Hold" and a target price of $352.72, while reports suggest it has a market cap of $82.36 billion.
• Insider trading activity included significant share sales by CFO and other executives, with over 1.2 million shares sold recently, representing a combined worth of approximately $448 million.

KMG Fiduciary Partners LLC lifted its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 11.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,632 shares of the cryptocurrency exchange's stock after purchasing an additional 1,163 shares during the quarter. KMG Fiduciary Partners LLC's holdings in Coinbase Global were worth $4,077,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of COIN. Focus Financial Network Inc. raised its position in Coinbase Global by 59.1% in the 2nd quarter. Focus Financial Network Inc. now owns 2,702 shares of the cryptocurrency exchange's stock valued at $947,000 after buying an additional 1,004 shares during the last quarter. Chickasaw Capital Management LLC acquired a new stake in Coinbase Global in the 2nd quarter valued at approximately $394,000. Sivia Capital Partners LLC acquired a new stake in Coinbase Global in the 2nd quarter valued at approximately $285,000. Sunpointe LLC acquired a new stake in Coinbase Global in the 2nd quarter valued at approximately $251,000. Finally, Pallas Capital Advisors LLC raised its position in Coinbase Global by 1.6% in the 2nd quarter. Pallas Capital Advisors LLC now owns 2,662 shares of the cryptocurrency exchange's stock valued at $933,000 after buying an additional 41 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on COIN. Erste Group Bank began coverage on Coinbase Global in a research report on Wednesday, July 23rd. They issued a "buy" rating on the stock. Argus began coverage on Coinbase Global in a research report on Monday, July 14th. They set a "buy" rating and a $400.00 price target on the stock. China Renaissance began coverage on Coinbase Global in a research report on Tuesday, June 17th. They set a "buy" rating and a $353.30 price target on the stock. Sanford C. Bernstein boosted their price target on Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $417.00 price target on shares of Coinbase Global in a research report on Thursday, July 31st. Thirteen equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $356.18.

Coinbase Global Stock Performance

Shares of COIN stock traded up $22.57 during trading on Thursday, reaching $343.13. 17,292,198 shares of the company's stock were exchanged, compared to its average volume of 7,449,592. The firm's fifty day moving average price is $337.55 and its 200-day moving average price is $270.18. The stock has a market capitalization of $88.16 billion, a PE ratio of 33.18 and a beta of 3.68. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released 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 firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The business's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.14 earnings per share. As a group, sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insiders Place Their Bets

In related news, insider Paul Grewal sold 10,000 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $304.52, for a total value of $3,045,200.00. Following the completion of the sale, the insider directly owned 82,328 shares in the company, valued at $25,070,522.56. The trade was a 10.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Alesia J. Haas sold 4,675 shares of the business's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $322.24, for a total value of $1,506,472.00. Following the completion of the sale, the chief financial officer owned 89,220 shares of the company's stock, valued at $28,750,252.80. This trade represents a 4.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,202,515 shares of company stock worth $448,306,941 over the last three months. 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.