NorthRock Partners LLC Makes New Investment in Coinbase Global, Inc. $COIN

Key Points

• NorthRock Partners LLC made a new investment in Coinbase Global, purchasing 2,011 shares valued at approximately $705,000.
• During the second quarter, several hedge funds modified their holdings in Coinbase, with the Oregon Public Employees Retirement Fund investing around $6.4 million and Yousif Capital Management increasing its stake by 796.6%.
• Coinbase's latest quarterly earnings showed an EPS of $0.12, missing analysts' expectations, with a revenue of $1.50 billion compared to a consensus estimate of $1.68 billion.

NorthRock Partners LLC purchased a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,011 shares of the cryptocurrency exchange's stock, valued at approximately $705,000.

Several other hedge funds have also modified their holdings of the stock. Oregon Public Employees Retirement Fund bought a new stake in shares of Coinbase Global during the second quarter valued at approximately $6,414,000. Concord Wealth Partners bought a new stake in shares of Coinbase Global during the second quarter valued at approximately $188,000. Sequoia Financial Advisors LLC lifted its holdings in Coinbase Global by 26.6% in the second quarter. Sequoia Financial Advisors LLC now owns 4,831 shares of the cryptocurrency exchange's stock valued at $1,693,000 after buying an additional 1,014 shares during the period. Yousif Capital Management LLC lifted its holdings in Coinbase Global by 796.6% in the second quarter. Yousif Capital Management LLC now owns 23,445 shares of the cryptocurrency exchange's stock valued at $8,217,000 after buying an additional 20,830 shares during the period. Finally, MGO One Seven LLC lifted its holdings in Coinbase Global by 78.5% in the second quarter. MGO One Seven LLC now owns 3,186 shares of the cryptocurrency exchange's stock valued at $1,117,000 after buying an additional 1,401 shares during the period. 68.84% of the stock is owned by institutional investors.

Coinbase Global Stock Down 4.3%

Coinbase Global stock opened at $341.55 on Wednesday. The company has a market cap of $87.76 billion, a P/E ratio of 33.03 and a beta of 3.68. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64. The company has a fifty day simple moving average of $326.71 and a 200 day simple moving average of $290.13. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 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 the consensus estimate of $1.68 billion. During the same period last year, the business earned $0.14 EPS. The business's revenue was up 3.3% on a year-over-year basis. Research analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

COIN has been the topic of several analyst reports. Oppenheimer reiterated an "outperform" rating and issued a $417.00 target price on shares of Coinbase Global in a report on Thursday, July 31st. BTIG Research assumed coverage on shares of Coinbase Global in a report on Wednesday, October 1st. They issued a "buy" rating and a $410.00 target price on the stock. Bank of America dropped their price objective on shares of Coinbase Global from $369.00 to $340.00 in a report on Wednesday, October 1st. Keefe, Bruyette & Woods dropped their price objective on shares of Coinbase Global from $355.00 to $335.00 and set a "market perform" rating on the stock in a report on Monday, August 4th. Finally, The Goldman Sachs Group raised their price objective on shares of Coinbase Global from $363.00 to $385.00 and gave the stock a "neutral" rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $367.94.

Insider Activity at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the firm's stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $345.88, for a total transaction of $3,458,800.00. Following the completion of the sale, the insider owned 82,328 shares in the company, valued at approximately $28,475,608.64. This trade represents a 10.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Alesia J. Haas sold 1,742 shares of the firm's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $322.22, for a total transaction of $561,307.24. Following the sale, the chief financial officer owned 5,226 shares of the company's stock, valued at approximately $1,683,921.72. This represents a 25.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 174,515 shares of company stock worth $56,329,451 in the last quarter. 23.43% of the stock is owned by corporate insiders.

About Coinbase Global

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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