MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Acquires 33,581 Shares of Coinbase Global, Inc. $COIN

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Coinbase Global by 20.4%, acquiring an additional 33,581 shares during the first quarter, bringing its total ownership to approximately 198,209 shares valued at $34.14 million.
• Coinbase Global reported $0.12 EPS for the last quarter, missing analysts' expectations of $0.91, despite a 3.3% year-over-year revenue increase to $1.50 billion.
• Recent insider transactions saw significant sales, including a 92.51% decrease in positions by insider Lawrence J. Brock, raising concerns regarding insider confidence in the company's stock.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 20.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 198,209 shares of the cryptocurrency exchange's stock after purchasing an additional 33,581 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.08% of Coinbase Global worth $34,138,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Envestnet Asset Management Inc. lifted its stake in Coinbase Global by 24.0% in the first quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange's stock valued at $8,861,000 after buying an additional 9,952 shares during the period. Amalgamated Bank increased its stake in shares of Coinbase Global by 4.8% in the 1st quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock valued at $2,368,000 after acquiring an additional 629 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Coinbase Global by 8.1% in the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock valued at $193,000 after acquiring an additional 84 shares during the last quarter. Kingswood Wealth Advisors LLC raised its position in shares of Coinbase Global by 124.5% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange's stock valued at $453,000 after acquiring an additional 1,454 shares during the period. Finally, Wealthcare Advisory Partners LLC boosted its stake in Coinbase Global by 87.0% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 3,355 shares of the cryptocurrency exchange's stock worth $578,000 after acquiring an additional 1,561 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Stock Down 2.5%

COIN stock opened at $299.07 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. The stock has a market capitalization of $76.84 billion, a P/E ratio of 28.92 and a beta of 3.68. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The business has a 50-day moving average of $344.04 and a 200-day moving average of $264.23.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The firm had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the business posted $0.14 EPS. The firm's quarterly revenue was up 3.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other news, insider Lawrence J. Brock sold 5,903 shares of the company's stock in a transaction that occurred on 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 owned 478 shares in the company, valued at $148,834.86. This represents a 92.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Jennifer N. Jones sold 1,756 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were 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. In the last three months, insiders sold 1,180,871 shares of company stock worth $439,493,026. Company insiders own 17.65% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on COIN shares. Jefferies Financial Group upped their target price on shares of Coinbase Global from $260.00 to $405.00 and gave the company a "hold" rating in a research note on Tuesday, July 29th. Barclays raised their price objective on Coinbase Global from $352.00 to $365.00 and gave the stock an "equal weight" rating in a research note on Friday, August 15th. Citigroup boosted their target price on Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. China Renaissance assumed coverage on Coinbase Global in a report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price target for the company. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $400.00 price objective on shares of Coinbase Global in a report on Friday, August 1st. Thirteen research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $352.72.

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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