Savvy Advisors Inc. Boosts Stock Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Savvy Advisors Inc. increased its stake in Coinbase Global, Inc. by 51.8%, holding 3,351 shares valued at approximately $577,000.
• In recent months, several hedge funds have also initiated or expanded their investments in Coinbase, leading to institutional ownership of 68.84% of the company's stock.
• CFO Alesia J. Haas and CEO Brian Armstrong sold significant amounts of their shares in Coinbase, with Armstrong’s sale representing a 97.94% decrease in his ownership.

Savvy Advisors Inc. grew its position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 51.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 3,351 shares of the cryptocurrency exchange's stock after purchasing an additional 1,144 shares during the quarter. Savvy Advisors Inc.'s holdings in Coinbase Global were worth $577,000 as of its most recent filing with the SEC.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on COIN. Compass Point reissued a "sell" rating and issued a $248.00 price target (down previously from $330.00) on shares of Coinbase Global in a research note on Monday, August 4th. Canaccord Genuity Group reiterated a "buy" rating and issued a $400.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. HC Wainwright restated a "sell" rating and set a $300.00 price objective on shares of Coinbase Global in a research report on Friday, August 1st. China Renaissance assumed coverage on Coinbase Global in a research report on Tuesday, June 17th. They set a "buy" rating and a $353.30 target price for the company. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $470.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $352.18.

Coinbase Global Stock Performance

Shares of NASDAQ:COIN traded up $3.00 during mid-day trading on Tuesday, reaching $322.62. The company had a trading volume of 9,901,815 shares, compared to its average volume of 11,636,547. The company's 50-day moving average price is $334.34 and its 200-day moving average price is $259.98. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64. The firm has a market cap of $82.89 billion, a price-to-earnings ratio of 31.20 and a beta of 3.70. 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). The firm had revenue of $1.50 billion for the quarter, compared to analysts' expectations 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 for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.14 earnings per share. As a group, equities research analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In related news, CEO Brian Armstrong sold 336,265 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the completion of the transaction, the chief executive officer directly owned 526 shares in the company, valued at approximately $190,732.86. The trade was a 99.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 1,176,221 shares of company stock valued at $434,800,609 in the last ninety days. 23.43% of the stock is currently owned by insiders.

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.