Northwestern Mutual Wealth Management Co. Increases Stake in Coinbase Global, Inc. $COIN

Key Points

• Northwestern Mutual Wealth Management Co. increased its stake in Coinbase Global, acquiring 2,986 additional shares and raising its total holdings to 53,080 shares, valued at approximately $9.1 million.
• Insiders, including CEO Brian Armstrong, sold a significant number of shares recently, with Armstrong selling 25,000 shares for over $8 million, indicating a substantial decrease in their ownership percentages.
• Analysts have varied positions on Coinbase Global, with target prices ranging from $350 to $470, leading to an average rating of "Hold" and a consensus target price of $352.72.

Northwestern Mutual Wealth Management Co. raised its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 6.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 53,080 shares of the cryptocurrency exchange's stock after purchasing an additional 2,986 shares during the quarter. Northwestern Mutual Wealth Management Co.'s holdings in Coinbase Global were worth $9,142,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Groupama Asset Managment grew its position in shares of 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 buying an additional 1,500,000 shares during the period. Vanguard Group Inc. grew its position in shares of 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 buying an additional 875,359 shares during the period. Nuveen LLC purchased a new stake in shares of Coinbase Global in the 1st quarter worth about $83,454,000. Two Sigma Advisers LP grew its position in shares of 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 buying an additional 333,600 shares during the period. Finally, Wellington Management Group LLP grew its position in shares of Coinbase Global by 1,159.9% in the 4th quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange's stock worth $81,612,000 after buying an additional 302,595 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 336,265 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the transaction, the chief executive officer owned 526 shares in the company, valued at $190,732.86. This represents a 99.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders have sold 1,195,871 shares of company stock valued at $442,626,576. 17.65% of the stock is owned by corporate insiders.

Coinbase Global Stock Performance

COIN traded down $3.93 during midday trading on Friday, hitting $304.54. 6,599,918 shares of the company traded hands, compared to its average volume of 11,573,422. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $78.25 billion, a PE ratio of 29.45 and a beta of 3.70. The company's 50-day moving average is $348.44 and its 200 day moving average is $263.21. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its 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). The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. Coinbase Global's revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.14 EPS. On average, research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Citigroup upped their target price on shares of Coinbase Global from $270.00 to $505.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Sanford C. Bernstein upped their target price on shares of Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Canaccord Genuity Group reiterated a "buy" rating and issued a $400.00 price target on shares of Coinbase Global in a research note on Friday, August 1st. Erste Group Bank assumed coverage on shares of Coinbase Global in a research note on Wednesday, July 23rd. They issued a "buy" rating on the stock. Finally, Monness Crespi & Hardt cut shares of Coinbase Global from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. Thirteen research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Coinbase Global 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.