Plancorp LLC Invests $425,000 in Coinbase Global, Inc. $COIN

Key Points

• Plancorp LLC invested $425,000 in Coinbase Global, acquiring 1,214 shares, indicating strong institutional interest in the cryptocurrency exchange.
• Coinbase reported a miss on earnings with $0.12 EPS, falling short of analysts' expectations of $0.91, while revenues were $1.50 billion, compared to a consensus estimate of $1.68 billion.
• Despite a recent 4.7% decline in stock price, analysts maintain a mixed outlook with 13 "Buy" ratings and a price target range from $248 to $505 across various firms.

Plancorp LLC purchased a new position in Coinbase Global, Inc. (NASDAQ:COIN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,214 shares of the cryptocurrency exchange's stock, valued at approximately $425,000.

Other large investors also recently modified their holdings of the company. Envestnet Asset Management Inc. lifted its position in shares of Coinbase Global by 24.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange's stock worth $8,861,000 after buying an additional 9,952 shares during the last quarter. Amalgamated Bank lifted its position in shares of Coinbase Global by 4.8% in the 1st quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock worth $2,368,000 after buying an additional 629 shares during the last quarter. Kera Capital Partners Inc. lifted its position in shares of Coinbase Global by 3.0% in the 2nd quarter. Kera Capital Partners Inc. now owns 36,960 shares of the cryptocurrency exchange's stock worth $12,954,000 after buying an additional 1,085 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Coinbase Global by 102.6% in the 2nd quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange's stock worth $3,738,000 after buying an additional 5,402 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Coinbase Global by 8.1% in the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock worth $193,000 after buying an additional 84 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Stock Down 4.7%

COIN stock opened at $306.69 on Friday. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $444.64. The company has a market capitalization of $78.80 billion, a price-to-earnings ratio of 29.66 and a beta of 3.68. The firm's 50-day moving average is $330.45 and its two-hundred day moving average is $274.16. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the firm posted $0.14 earnings per share. The firm's quarterly revenue was up 3.3% compared to the same quarter last year. On average, analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 4,675 shares of the business's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $322.24, for a total transaction of $1,506,472.00. Following the sale, the chief financial officer directly owned 89,220 shares in the company, valued at approximately $28,750,252.80. The trade was a 4.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lawrence J. Brock sold 5,903 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $311.37, for a total transaction of $1,838,017.11. Following the completion of the sale, the insider owned 478 shares in the company, valued at $148,834.86. The trade was a 92.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 749,515 shares of company stock worth $283,990,425 in the last three months. Insiders own 17.65% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Jefferies Financial Group raised their price target on shares of Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a research report on Tuesday, July 29th. Oppenheimer reiterated an "outperform" rating and issued a $417.00 price objective on shares of Coinbase Global in a research report on Thursday, July 31st. Erste Group Bank assumed coverage on shares of Coinbase Global in a research report on Wednesday, July 23rd. They issued a "buy" rating on the stock. Compass Point reiterated a "sell" rating and issued a $248.00 price objective (down from $330.00) on shares of Coinbase Global in a research report on Monday, August 4th. Finally, Citigroup lifted their price objective on shares of Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Thirteen equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $356.18.

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.

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