Resona Asset Management Co. Ltd. Has $10.11 Million Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Resona Asset Management Co. Ltd. raised its stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 8.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 58,629 shares of the cryptocurrency exchange's stock after acquiring an additional 4,483 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Coinbase Global were worth $10,110,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Mascagni Wealth Management Inc. acquired a new position in shares of Coinbase Global in the 4th quarter worth approximately $25,000. Copia Wealth Management bought a new position in Coinbase Global in the 4th quarter valued at $26,000. Bessemer Group Inc. boosted its stake in Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after purchasing an additional 113 shares in the last quarter. McClarren Financial Advisors Inc. acquired a new position in Coinbase Global in the first quarter worth $30,000. Finally, SouthState Corp grew its holdings in shares of Coinbase Global by 128.4% during the first quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange's stock worth $32,000 after purchasing an additional 104 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Price Performance

COIN opened at $327.01 on Thursday. The stock has a market cap of $84.02 billion, a P/E ratio of 31.63 and a beta of 3.70. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The company has a fifty day simple moving average of $337.03 and a 200 day simple moving average of $260.87.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). The business 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 firm's revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.14 earnings per share. On average, research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Activity

In other Coinbase Global news, CEO Brian Armstrong sold 336,265 shares of the firm's 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 sale, the chief executive officer directly owned 526 shares in the company, valued at approximately $190,732.86. This trade represents a 99.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last three months, insiders sold 1,160,704 shares of company stock valued at $430,750,982. 17.65% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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 upped their target price on shares of Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Wall Street Zen raised shares of Coinbase Global from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Monness Crespi & Hardt lowered shares of Coinbase Global from a "buy" rating to a "neutral" rating in a report on Monday, July 28th. Finally, Williams Trading set a $405.00 price objective on Coinbase Global in a report on Thursday, July 31st. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $352.18.

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.

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