Nordea Investment Management AB Acquires 2,456 Shares of Coinbase Global, Inc. $COIN

Key Points

• Nordea Investment Management AB increased its holdings in Coinbase Global, Inc. by 16.3%, acquiring an additional 2,456 shares to total 17,491 shares valued at approximately $6.18 million.
• Institutional investors collectively own 68.84% of Coinbase Global's stock, reflecting increasing interest in the cryptocurrency exchange.
• Coinbase reported an EPS of $0.12, missing analysts' expectations of $0.91, while revenue reached $1.50 billion compared to the estimated $1.68 billion.

Nordea Investment Management AB lifted its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 16.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,491 shares of the cryptocurrency exchange's stock after acquiring an additional 2,456 shares during the period. Nordea Investment Management AB's holdings in Coinbase Global were worth $6,179,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in COIN. Groupama Asset Managment boosted its stake in shares of Coinbase Global by 100.0% in the first 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 during the period. Vanguard Group Inc. boosted its stake in shares of Coinbase Global by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after acquiring an additional 875,359 shares during the period. Nuveen LLC purchased a new stake in shares of Coinbase Global in the first quarter worth about $83,454,000. Amundi boosted its stake in Coinbase Global by 44.1% during the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock valued at $268,850,000 after buying an additional 481,786 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in Coinbase Global by 2,647.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 198,526 shares of the cryptocurrency exchange's stock valued at $66,572,000 after buying an additional 191,300 shares in the last quarter. Institutional investors own 68.84% of the company's stock.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $343.78 on Tuesday. The stock has a market cap of $88.33 billion, a price-to-earnings ratio of 33.25 and a beta of 3.68. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The stock has a 50 day moving average price of $328.75 and a 200-day moving average price of $295.56. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 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 analysts' expectations of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.Coinbase Global's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.14 EPS. Equities analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Transactions at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $345.88, for a total value of $3,458,800.00. Following the sale, the insider directly owned 82,328 shares in the company, valued at approximately $28,475,608.64. This represents a 10.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $361.32, for a total value of $9,033,000.00. Following the completion of the sale, the chief executive officer owned 526 shares in the company, valued at approximately $190,054.32. The trade was 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 have sold 205,657 shares of company stock worth $67,479,576. 23.43% of the stock is currently owned by company insiders.

Analyst Ratings Changes

COIN has been the topic of a number of research reports. Rosenblatt Securities reaffirmed a "buy" rating and issued a $470.00 price objective on shares of Coinbase Global in a research note on Friday, August 1st. JMP Securities lifted their price objective on Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a research note on Monday, July 14th. Piper Sandler reaffirmed a "neutral" rating and issued a $350.00 price objective on shares of Coinbase Global in a research note on Thursday, July 31st. Redburn Partners set a $417.00 price objective on Coinbase Global in a research note on Friday, October 3rd. Finally, Rothschild & Co Redburn raised Coinbase Global from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $325.00 to $417.00 in a research note on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $369.01.

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.

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