Machina Capital S.A.S. Takes Position in Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Machina Capital S.A.S. has acquired 2,482 shares of Coinbase Global, Inc. (NASDAQ:COIN), valued at approximately $427,000, as reported in their recent SEC filing.
• Coinbase Global's CEO, Brian Armstrong, sold a significant 336,265 shares of stock for over $121 million, resulting in a near-total reduction of his stake in the company.
• Recently, institutional investors have increased their holdings in Coinbase, with 68.84% of the company’s stock now owned by hedge funds and institutional investors.

Machina Capital S.A.S. acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,482 shares of the cryptocurrency exchange's stock, valued at approximately $427,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. IPG Investment Advisors LLC grew its stake in shares of Coinbase Global by 2.0% during the 4th quarter. IPG Investment Advisors LLC now owns 2,261 shares of the cryptocurrency exchange's stock worth $561,000 after purchasing an additional 45 shares during the period. Vivaldi Capital Management LP grew its stake in shares of Coinbase Global by 0.3% during the 4th quarter. Vivaldi Capital Management LP now owns 13,843 shares of the cryptocurrency exchange's stock worth $3,437,000 after purchasing an additional 47 shares during the period. MetLife Investment Management LLC grew its stake in shares of Coinbase Global by 0.5% during the 4th quarter. MetLife Investment Management LLC now owns 11,061 shares of the cryptocurrency exchange's stock worth $2,746,000 after purchasing an additional 55 shares during the period. Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Coinbase Global by 2.3% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,630 shares of the cryptocurrency exchange's stock worth $653,000 after purchasing an additional 60 shares during the period. Finally, Callan Capital LLC grew its stake in shares of Coinbase Global by 5.1% during the 1st quarter. Callan Capital LLC now owns 1,247 shares of the cryptocurrency exchange's stock worth $215,000 after purchasing an additional 61 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Price Performance

Shares of NASDAQ COIN traded down $5.04 during midday trading on Friday, hitting $391.66. The company had a trading volume of 8,619,904 shares, compared to its average volume of 13,896,728. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The firm has a market capitalization of $99.43 billion, a price-to-earnings ratio of 55.79, a price-to-earnings-growth ratio of 29.86 and a beta of 3.70. The business has a 50-day simple moving average of $317.61 and a two-hundred day simple moving average of $255.92. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The firm had revenue of $2.03 billion during the quarter, compared to analysts' expectations of $2.22 billion. During the same quarter in the prior year, the business earned $2.53 EPS. The company's quarterly revenue was up 24.2% compared to the same quarter last year. Equities research analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 198,300 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the sale, the chief executive officer owned 526 shares of the company's stock, valued at $209,279.62. This trade represents a 99.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 10,000 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total value of $3,486,400.00. Following the completion of the sale, the insider directly owned 82,328 shares in the company, valued at approximately $28,702,833.92. The trade was a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,208,340 shares of company stock valued at $439,997,456 over the last quarter. Insiders own 17.65% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on COIN shares. Citigroup reissued an "outperform" rating on shares of Coinbase Global in a research note on Monday, July 14th. Cantor Fitzgerald started coverage on shares of Coinbase Global in a research note on Tuesday, April 8th. They issued an "overweight" rating and a $245.00 price target on the stock. Barclays lifted their price target on shares of Coinbase Global from $202.00 to $359.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Argus started coverage on shares of Coinbase Global in a research note on Monday, July 14th. They issued a "buy" rating and a $400.00 price target on the stock. Finally, JMP Securities lifted their price target on shares of Coinbase Global from $400.00 to $440.00 and gave the company a "market outperform" rating in a research note on Monday, July 14th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $320.06.

Coinbase Global 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.