NewEdge Advisors LLC Acquires 3,467 Shares of Coinbase Global, Inc. $COIN

Key Points

• NewEdge Advisors LLC increased its stake in Coinbase Global, Inc. by 37.6%, owning 12,683 shares valued at $2.18 million by the end of the recent quarter.
• Insider Paul Grewal sold 10,000 shares of Coinbase for over $3 million, indicating a 10.83% decrease in his ownership of the stock.
• Coinbase reported a net margin of 40.87% and a revenue of $1.50 billion in its last quarter, missing analysts’ estimates but showing a 3.3% year-over-year revenue increase.

NewEdge Advisors LLC increased its position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 37.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,683 shares of the cryptocurrency exchange's stock after acquiring an additional 3,467 shares during the quarter. NewEdge Advisors LLC's holdings in Coinbase Global were worth $2,184,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in COIN. Groupama Asset Managment increased its holdings in Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock worth $516,690,000 after acquiring an additional 1,500,000 shares in the last quarter. Vanguard Group Inc. boosted its stake 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 worth $3,323,084,000 after purchasing an additional 875,359 shares during the period. Nuveen LLC bought a new position in Coinbase Global in the 1st quarter worth approximately $83,454,000. Amundi boosted its stake in Coinbase Global by 44.1% in the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock worth $268,850,000 after purchasing an additional 481,786 shares during the period. Finally, Two Sigma Advisers LP boosted its stake in Coinbase Global by 445.4% in the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange's stock worth $101,431,000 after purchasing an additional 333,600 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on COIN. Piper Sandler restated a "neutral" rating and issued a $350.00 price target on shares of Coinbase Global in a research note on Thursday, July 31st. Citigroup upped their price target on Coinbase Global from $270.00 to $505.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. China Renaissance assumed coverage on Coinbase Global in a research note on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price target for the company. Barclays increased their target price on Coinbase Global from $352.00 to $365.00 and gave the company an "equal weight" rating in a research report on Friday, August 15th. Finally, Compass Point reiterated a "sell" rating and set a $248.00 target price (down from $330.00) on shares of Coinbase Global in a research report on Monday, August 4th. Thirteen equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Coinbase Global currently has an average rating of "Hold" and a consensus target price of $352.72.

Insider Buying and Selling

In related news, insider Lawrence J. Brock sold 5,903 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $311.37, for a total value of $1,838,017.11. Following the completion of the sale, the insider directly owned 478 shares in the company, valued at $148,834.86. This trade represents a 92.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of the firm's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $302.19, for a total value of $7,554,750.00. Following the completion of the sale, the chief executive officer owned 526 shares of the company's stock, valued at approximately $158,951.94. This represents a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,180,871 shares of company stock valued at $440,664,276 in the last three months. Corporate insiders own 17.65% of the company's stock.

Coinbase Global Price Performance

Shares of NASDAQ COIN traded down $0.91 during midday trading on Friday, reaching $323.04. 6,910,551 shares of the stock traded hands, compared to its average volume of 7,719,376. 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 $83.00 billion, a PE ratio of 31.24 and a beta of 3.68. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64. The company's 50 day moving average is $340.68 and its 200 day moving average is $267.27.

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

Coinbase Global Company 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.