Readystate Asset Management LP Acquires New Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Readystate Asset Management LP purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 16,639 shares of the cryptocurrency exchange's stock, valued at approximately $2,866,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Mascagni Wealth Management Inc. purchased a new position in Coinbase Global in the 4th quarter valued at about $25,000. Copia Wealth Management purchased a new stake in shares of Coinbase Global during the fourth quarter worth about $26,000. Mpwm Advisory Solutions LLC purchased a new stake in shares of Coinbase Global during the fourth quarter worth about $35,000. Brooklands Fund Management Ltd purchased a new stake in shares of Coinbase Global during the fourth quarter worth about $37,245,000. Finally, Ameriflex Group Inc. purchased a new stake in shares of Coinbase Global during the fourth quarter worth about $37,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Stock Performance

NASDAQ COIN traded down $5.04 during trading hours on Friday, reaching $391.66. The company's stock had a trading volume of 8,619,904 shares, compared to its average volume of 13,896,728. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40. The business has a 50-day simple moving average of $317.61 and a 200 day simple moving average of $255.92. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $444.64. The stock has a market cap of $99.43 billion, a PE ratio of 73.34, a PEG ratio of 29.86 and a beta of 3.70.

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

Analyst Upgrades and Downgrades

COIN has been the topic of a number of analyst reports. Citigroup reaffirmed an "outperform" rating on shares of Coinbase Global in a research report on Monday, July 14th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $400.00 target price on shares of Coinbase Global in a research report on Friday, May 9th. Keefe, Bruyette & Woods lifted their target price on Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a research report on Friday, May 9th. JMP Securities lifted their target price on Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a research report on Monday, July 14th. Finally, Barclays raised their price objective on shares of Coinbase Global from $202.00 to $359.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $320.06.

Insider Transactions at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the completion of the transaction, the director directly owned 10,417 shares of the company's stock, valued at $2,632,167.56. The trade was a 74.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Brian Armstrong sold 336,265 shares of the business's stock in a transaction dated 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,208,340 shares of company stock valued at $439,997,456 over the last three months. 17.65% of the stock is currently owned by company insiders.

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.