NTV Asset Management LLC Takes Position in Coinbase Global, Inc. $COIN

Key Points

• NTV Asset Management LLC acquired 2,500 shares of Coinbase Global, valued at approximately $876,000, marking its entry into the cryptocurrency exchange market.
• Coinbase CEO Brian Armstrong sold 198,300 shares at an average price of $397.87, resulting in a drastic reduction of his ownership stake.
• Analysts are generally optimistic about Coinbase, with a consensus rating of Moderate Buy and an average price target of $367.27.

NTV Asset Management LLC purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,500 shares of the cryptocurrency exchange's stock, valued at approximately $876,000.

A number of other hedge funds have also made changes to their positions in the company. Bessemer Group Inc. raised its position in shares of Coinbase Global by 297.4% during the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after purchasing an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. purchased a new position in Coinbase Global during the first quarter worth $30,000. S Bank Fund Management Ltd purchased a new position in Coinbase Global during the first quarter worth $31,000. SouthState Corp increased its position in Coinbase Global by 128.4% during the first quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange's stock worth $32,000 after buying an additional 104 shares in the last quarter. Finally, NBT Bank N A NY purchased a new position in Coinbase Global during the first quarter worth $33,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Insiders Place Their Bets

In related news, CEO Brian Armstrong sold 198,300 shares of Coinbase Global stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total value of $78,897,621.00. Following the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $209,279.62. This trade represents a 99.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Grewal sold 15,439 shares of Coinbase Global stock in a transaction on Monday, August 25th. The shares were sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the transaction, the insider owned 82,328 shares in the company, valued at $25,587,542.40. The trade was a 15.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold 714,515 shares of company stock worth $272,046,775 in the last quarter. 17.65% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on COIN shares. Weiss Ratings reissued a "hold (c+)" rating on shares of Coinbase Global in a research report on Saturday, September 27th. Jefferies Financial Group raised their price target on Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a research report on Tuesday, July 29th. Rothschild & Co Redburn raised Coinbase Global from a "neutral" rating to a "buy" rating and raised their price target for the stock from $325.00 to $417.00 in a research report on Friday. Redburn Partners set a $417.00 price target on Coinbase Global in a research report on Friday. Finally, China Renaissance started coverage on Coinbase Global in a research report on Tuesday, June 17th. They set a "buy" rating and a $353.30 price target for the company. One 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 company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $367.27.

Coinbase Global Price Performance

COIN stock opened at $380.02 on Friday. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $444.64. The stock's fifty day simple moving average is $323.62 and its 200-day simple moving average is $280.84. 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 stock has a market capitalization of $97.64 billion, a price-to-earnings ratio of 36.75 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data 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). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the business earned $0.14 EPS. Coinbase Global's revenue for the quarter was up 3.3% compared to the same quarter last year. Equities research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

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.

Want to see what other hedge funds are holding COIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coinbase Global, Inc. (NASDAQ:COIN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.