Coinbase Global, Inc. $COIN Shares Acquired by Korea Investment CORP

Key Points

• Korea Investment CORP has increased its stake in Coinbase Global, Inc. by 7.5%, owning 116,425 shares valued at approximately $20 million as of its latest SEC filing.
• Coinbase Global reported a net income of $0.12 per share for the last quarter, missing analysts' expectations of $0.91, with total revenue of $1.50 billion.
• The stock has seen significant analyst activity, with price targets ranging from $310 to $510 and a consensus rating of "Hold" with a price target of $352.72.

Korea Investment CORP raised its position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 7.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 116,425 shares of the cryptocurrency exchange's stock after purchasing an additional 8,075 shares during the period. Korea Investment CORP's holdings in Coinbase Global were worth $20,052,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in COIN. Vanguard Group Inc. lifted 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 valued at $3,323,084,000 after purchasing an additional 875,359 shares in the last quarter. Nuveen LLC purchased a new position in shares of Coinbase Global during the 1st quarter worth $83,454,000. Two Sigma Advisers LP raised its holdings in shares of Coinbase Global by 445.4% during the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange's stock worth $101,431,000 after acquiring an additional 333,600 shares during the period. Wellington Management Group LLP raised its holdings in shares of Coinbase Global by 1,159.9% during the 4th quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange's stock worth $81,612,000 after acquiring an additional 302,595 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Coinbase Global by 29.5% during 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 during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on COIN. Wall Street Zen upgraded Coinbase Global from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Monness Crespi & Hardt lowered Coinbase Global from a "buy" rating to a "neutral" rating in a report on Monday, July 28th. The Goldman Sachs Group lifted 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. Compass Point reiterated a "sell" rating and set a $248.00 price target (down previously from $330.00) on shares of Coinbase Global in a report on Monday, August 4th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $470.00 price target on shares of Coinbase Global in a report on Friday, August 1st. Thirteen investment 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. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $352.72.

Coinbase Global Trading Up 6.5%

COIN traded up $19.57 on Friday, hitting $319.85. The company had a trading volume of 12,988,273 shares, compared to its average volume of 12,145,037. The firm has a market cap of $82.18 billion, a P/E ratio of 30.93 and a beta of 3.70. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The company's fifty day moving average price is $346.00 and its 200 day moving average price is $262.13. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The firm's quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.14 earnings per share. As a group, equities analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 336,265 shares of Coinbase Global stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total value of $121,933,051.65. Following the completion of the transaction, the chief executive officer directly owned 526 shares of the company's stock, valued at $190,732.86. The trade was a 99.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders sold 1,185,704 shares of company stock valued at $438,918,732. Insiders own 17.65% of the company's stock.

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.