Rossby Financial LCC Acquires Shares of 965 Coinbase Global, Inc. (NASDAQ:COIN)

Rossby Financial LCC purchased a new position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 965 shares of the cryptocurrency exchange's stock, valued at approximately $166,000.

Other hedge funds have also recently modified their holdings of the company. US Bancorp DE grew its holdings in shares of Coinbase Global by 2.9% in the fourth quarter. US Bancorp DE now owns 8,010 shares of the cryptocurrency exchange's stock worth $1,989,000 after acquiring an additional 224 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of Coinbase Global by 31.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 993 shares of the cryptocurrency exchange's stock worth $254,000 after acquiring an additional 236 shares during the period. SRS Capital Advisors Inc. grew its holdings in shares of Coinbase Global by 189.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 422 shares of the cryptocurrency exchange's stock worth $105,000 after acquiring an additional 276 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of Coinbase Global by 125.8% in the fourth quarter. Jones Financial Companies Lllp now owns 490 shares of the cryptocurrency exchange's stock worth $122,000 after acquiring an additional 273 shares during the period. Finally, Steward Partners Investment Advisory LLC grew its holdings in shares of Coinbase Global by 36.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 15,404 shares of the cryptocurrency exchange's stock worth $3,825,000 after acquiring an additional 4,085 shares during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.

Insider Buying and Selling

In related news, insider Paul Grewal sold 10,000 shares of the business's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total value of $3,486,400.00. Following the sale, the insider directly owned 82,328 shares in the company, valued at approximately $28,702,833.92. The trade was a 10.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $338.29, for a total value of $8,457,250.00. Following the completion of the sale, the chief executive officer owned 526 shares in the company, valued at $177,940.54. This represents a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 685,915 shares of company stock worth $222,081,432. Corporate insiders own 17.65% of the company's stock.

Coinbase Global Price Performance

Shares of NASDAQ COIN traded up $1.13 during mid-day trading on Friday, reaching $355.58. The company's stock had a trading volume of 6,704,285 shares, compared to its average volume of 10,787,788. The firm has a market capitalization of $90.27 billion, a PE ratio of 66.59, a P/E/G ratio of 26.03 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. The stock has a fifty day moving average of $265.23 and a two-hundred day moving average of $243.22. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $382.00.

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

Wall Street Analysts Forecast Growth

COIN has been the subject of several research analyst reports. China Renaissance initiated coverage on Coinbase Global in a report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price objective for the company. Jefferies Financial Group reissued a "hold" rating and set a $260.00 price target (up previously from $210.00) on shares of Coinbase Global in a report on Tuesday, May 27th. Barclays boosted their price target on Coinbase Global from $169.00 to $202.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. Mizuho cut their price target on Coinbase Global from $280.00 to $217.00 and set a "neutral" rating for the company in a report on Tuesday, March 11th. Finally, Compass Point raised Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price target for the company in a report on Monday, May 12th. Ten research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $291.06.

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.