2,000 Shares in Coinbase Global, Inc. (NASDAQ:COIN) Acquired by Pacific Point Advisors LLC

Pacific Point Advisors LLC acquired a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,000 shares of the cryptocurrency exchange's stock, valued at approximately $344,000.

A number of other hedge funds have also recently bought and sold shares of COIN. Mascagni Wealth Management Inc. purchased a new position in Coinbase Global during the 4th quarter worth $25,000. Copia Wealth Management purchased a new position in Coinbase Global during the 4th quarter worth $26,000. Bessemer Group Inc. boosted its holdings in 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 acquiring an additional 113 shares during the last quarter. Atala Financial Inc purchased a new position in Coinbase Global during the 4th quarter worth $27,000. Finally, NBT Bank N A NY purchased a new position in shares of Coinbase Global in the 1st quarter worth about $33,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Price Performance

Shares of COIN traded down $2.28 during midday trading on Tuesday, hitting $354.82. 9,589,781 shares of the company traded hands, compared to its average volume of 10,795,213. The stock has a 50-day moving average of $268.27 and a 200-day moving average of $243.30. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $382.00. The firm has a market cap of $90.08 billion, a P/E ratio of 50.87, a PEG ratio of 26.12 and a beta of 3.70. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter in the prior year, the company earned $2.53 earnings per share. The company's quarterly revenue was up 24.2% on a year-over-year basis. As a group, sell-side analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of Coinbase Global in a report on Tuesday, April 8th. They issued an "overweight" rating and a $245.00 price target on the stock. Monness Crespi & Hardt raised shares of Coinbase Global from a "neutral" rating to a "buy" rating and set a $300.00 price target on the stock in a report on Tuesday, May 13th. China Renaissance assumed coverage on shares of Coinbase Global in a report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price target on the stock. Piper Sandler boosted their price target on shares of Coinbase Global from $180.00 to $190.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Finally, Sanford C. Bernstein boosted their price target on shares of Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Ten equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $293.74.

Insider Activity

In other news, CFO Alesia J. Haas sold 3,000 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $360.20, for a total transaction of $1,080,600.00. Following the sale, the chief financial officer directly owned 97,366 shares in the company, valued at $35,071,233.20. This represents a 2.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Paul Grewal sold 10,000 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $348.64, for a total value of $3,486,400.00. Following the sale, the insider owned 82,328 shares in the company, valued at approximately $28,702,833.92. This represents a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 685,915 shares of company stock worth $222,081,432 over the last ninety days. Company insiders own 23.43% 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.