Perpetual Ltd Invests $62.32 Million in Coinbase Global, Inc. $COIN

Key Points

• Perpetual Ltd has acquired a new position in Coinbase Global, Inc. valued at approximately $62.32 million during the second quarter, purchasing 177,821 shares.
• Coinbase's CFO recently sold 4,675 shares for over $1.5 million, which marked a 4.98% decrease in their ownership position.
• Analysts have mixed ratings on Coinbase, with a consensus price target of $356.18, reflecting both an "outperform" rating from some and a "sell" rating from others.

Perpetual Ltd acquired a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 177,821 shares of the cryptocurrency exchange's stock, valued at approximately $62,324,000. Perpetual Ltd owned 0.07% of Coinbase Global as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Coinbase Global by 4.8% during the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after acquiring an additional 875,359 shares in the last quarter. ARK Investment Management LLC grew its holdings in Coinbase Global by 1.1% in the first quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock valued at $528,592,000 after purchasing an additional 34,462 shares during the period. Groupama Asset Managment raised its holdings in Coinbase Global by 100.0% in the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after acquiring an additional 1,500,000 shares in the last quarter. Amundi grew its position in shares of Coinbase Global by 44.1% during the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock worth $268,850,000 after acquiring an additional 481,786 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of Coinbase Global by 0.6% in the first quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange's stock worth $224,318,000 after purchasing an additional 7,675 shares in the last quarter. Institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Performance

Shares of Coinbase Global stock traded down $0.67 on Friday, reaching $342.46. 13,258,226 shares of the company were exchanged, compared to its average volume of 8,028,650. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64. The firm has a market cap of $87.99 billion, a price-to-earnings ratio of 33.12 and a beta of 3.68. The company's 50-day moving average is $336.66 and its two-hundred day moving average is $271.41. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12.

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 net margin of 40.87% and a return on equity of 16.02%. The business's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period last year, the company earned $0.14 EPS. As a group, research analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Brian Armstrong sold 336,265 shares of Coinbase Global stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the completion of the transaction, the chief executive officer directly owned 526 shares of the company's stock, valued at $190,732.86. The trade was a 99.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders have sold 1,202,515 shares of company stock valued at $448,306,941. Company insiders own 17.65% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on COIN. Needham & Company LLC upped their price target on shares of Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Benchmark increased their price target on Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. Piper Sandler reiterated a "neutral" rating and issued a $350.00 price objective on shares of Coinbase Global in a research report on Thursday, July 31st. Wall Street Zen upgraded Coinbase Global from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, Sanford C. Bernstein lifted their price target on Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Thirteen investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $356.18.

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.