Magnetar Financial LLC Has $523,000 Holdings in Coinbase Global, Inc. $COIN

Key Points

• Magnetar Financial LLC has significantly reduced its stake in Coinbase Global, selling 17,858 shares and owning only 3,038 shares valued at approximately $523,000 now.
• Several institutional investors, including the Manufacturers Life Insurance Company and Lido Advisors LLC, have increased their holdings in Coinbase, indicating a mixed sentiment among investors regarding the stock.
• Coinbase Global reported $0.12 earnings per share in its latest quarterly results, missing estimates and showing a 3.3% increase in revenue year-over-year despite the disappointing earnings.

Magnetar Financial LLC lessened its stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 85.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,038 shares of the cryptocurrency exchange's stock after selling 17,858 shares during the quarter. Magnetar Financial LLC's holdings in Coinbase Global were worth $523,000 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. The Manufacturers Life Insurance Company boosted its holdings in shares of Coinbase Global by 6.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 11,096 shares of the cryptocurrency exchange's stock valued at $2,755,000 after buying an additional 691 shares during the period. Lido Advisors LLC boosted its holdings in shares of Coinbase Global by 64.4% in the fourth quarter. Lido Advisors LLC now owns 2,844 shares of the cryptocurrency exchange's stock valued at $706,000 after buying an additional 1,114 shares during the period. Comerica Bank boosted its holdings in shares of Coinbase Global by 1.0% in the fourth quarter. Comerica Bank now owns 23,505 shares of the cryptocurrency exchange's stock valued at $5,836,000 after buying an additional 242 shares during the period. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Coinbase Global by 1.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 16,805 shares of the cryptocurrency exchange's stock valued at $4,173,000 after buying an additional 298 shares during the period. Finally, BNP Paribas acquired a new position in shares of Coinbase Global in the fourth quarter valued at approximately $50,000. Institutional investors and hedge funds own 68.84% of the company's stock.

Insider Activity

In other Coinbase Global news, insider Lawrence J. Brock sold 5,903 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $311.37, for a total value of $1,838,017.11. Following the transaction, the insider directly owned 478 shares in the company, valued at $148,834.86. The trade was a 92.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $326.71, for a total transaction of $8,167,750.00. Following the completion of the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $171,849.46. This represents a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,170,871 shares of company stock valued at $436,447,826. 23.43% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on COIN. Williams Trading set a $405.00 price objective on shares of Coinbase Global in a research report on Thursday, July 31st. Argus began coverage on shares of Coinbase Global in a research report on Monday, July 14th. They issued a "buy" rating and a $400.00 price objective on the stock. China Renaissance began coverage on shares of Coinbase Global in a research report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price objective on the stock. Jefferies Financial Group boosted their price objective on shares of Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a research report on Tuesday, July 29th. Finally, HC Wainwright reissued a "sell" rating and issued a $300.00 price objective on shares of Coinbase Global in a research report on Friday, August 1st. Thirteen investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $352.72.

Coinbase Global Stock Performance

NASDAQ COIN opened at $304.54 on Monday. 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 firm's fifty day moving average price is $348.44 and its two-hundred day moving average price is $262.97. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The firm has a market capitalization of $78.25 billion, a P/E ratio of 29.45 and a beta of 3.68.

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

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.

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