Oriental Harbor Investment Fund Makes New Investment in Coinbase Global, Inc. $COIN

Key Points

• Oriental Harbor Investment Fund made a new investment in Coinbase Global, purchasing 156,065 shares valued at approximately $54.7 million, representing about 3.4% of its investment portfolio.
• Coinbase Global's recent earnings report showed a miss on earnings per share at $0.12 compared to the expected $0.91, with total revenue of $1.50 billion, below analyst estimates of $1.68 billion.
• Recent analyst ratings for Coinbase Global included an increase in price objectives from firms such as Sanford C. Bernstein, which raised its target from $310 to $510.

Oriental Harbor Investment Fund bought a new position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 156,065 shares of the cryptocurrency exchange's stock, valued at approximately $54,699,000. Coinbase Global accounts for about 3.4% of Oriental Harbor Investment Fund's investment portfolio, making the stock its 11th largest holding. Oriental Harbor Investment Fund owned approximately 0.06% of Coinbase Global as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Cadent Capital Advisors LLC lifted its position in Coinbase Global by 1.0% in the second quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange's stock worth $1,108,000 after purchasing an additional 30 shares during the period. Thurston Springer Miller Herd & Titak Inc. lifted its position in Coinbase Global by 4.2% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,015 shares of the cryptocurrency exchange's stock worth $356,000 after purchasing an additional 41 shares during the period. Pallas Capital Advisors LLC lifted its position in Coinbase Global by 1.6% in the second quarter. Pallas Capital Advisors LLC now owns 2,662 shares of the cryptocurrency exchange's stock worth $933,000 after purchasing an additional 41 shares during the period. Clare Market Investments LLC lifted its position in Coinbase Global by 1.8% in the second quarter. Clare Market Investments LLC now owns 2,552 shares of the cryptocurrency exchange's stock worth $894,000 after purchasing an additional 45 shares during the period. Finally, Brooklyn Investment Group lifted its position in shares of Coinbase Global by 7.1% during the 1st quarter. Brooklyn Investment Group now owns 720 shares of the cryptocurrency exchange's stock valued at $124,000 after acquiring an additional 48 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Trading Up 7.5%

NASDAQ COIN opened at $372.07 on Friday. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $95.60 billion, a PE ratio of 35.98 and a beta of 3.68. The firm's fifty day simple moving average is $323.85 and its 200-day simple moving average is $279.47.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share 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 analyst estimates of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The company's revenue was up 3.3% compared to the same quarter last year. During the same period last year, the company posted $0.14 earnings per share. As a group, sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

COIN has been the subject of a number of recent research reports. Sanford C. Bernstein increased their price objective on Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a research report on Wednesday, June 25th. China Renaissance initiated coverage on Coinbase Global in a research report on Tuesday, June 17th. They set a "buy" rating and a $353.30 price objective for the company. JMP Securities increased their price objective on Coinbase Global from $400.00 to $440.00 and gave the company a "market outperform" rating in a research report on Monday, July 14th. Piper Sandler reiterated a "neutral" rating and set a $350.00 price objective on shares of Coinbase Global in a research report on Thursday, July 31st. Finally, Bank of America cut their price objective on Coinbase Global from $369.00 to $340.00 in a research report on Wednesday. Fourteen investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $359.49.

Insider Buying and Selling at Coinbase Global

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

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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