Securian Asset Management Inc. Makes New $3.87 Million Investment in Coinbase Global, Inc. $COIN

Key Points

• Securian Asset Management Inc. has made a new investment of $3.87 million in Coinbase Global, purchasing 11,044 shares during the second quarter.
• Institutional investors now own 68.84% of Coinbase's stock, with notable increases in holdings from companies like Groupama Asset Management and Vanguard Group.
• Coinbase reported $0.12 EPS in its last earnings call, missing the consensus estimate, and showed a revenue of $1.50 billion, which was below analysts' expectations.

Securian Asset Management Inc. purchased a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 11,044 shares of the cryptocurrency exchange's stock, valued at approximately $3,871,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Groupama Asset Managment raised its position in shares of Coinbase Global by 100.0% during the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock worth $516,690,000 after acquiring an additional 1,500,000 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Coinbase Global by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after acquiring an additional 875,359 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Coinbase Global during the 1st quarter worth about $83,454,000. Amundi raised its position in shares of Coinbase Global by 44.1% during the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock worth $268,850,000 after acquiring an additional 481,786 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Coinbase Global by 2,647.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 198,526 shares of the cryptocurrency exchange's stock worth $66,572,000 after acquiring an additional 191,300 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Wall Street Analysts Forecast Growth

COIN has been the subject of several research analyst reports. Oppenheimer restated an "outperform" rating and issued a $417.00 target price on shares of Coinbase Global in a report on Thursday, July 31st. Bank of America lowered their target price on shares of Coinbase Global from $369.00 to $340.00 in a report on Wednesday, October 1st. HC Wainwright restated a "sell" rating and issued a $300.00 target price on shares of Coinbase Global in a report on Friday, August 1st. Rosenblatt Securities restated a "buy" rating and issued a $470.00 target price on shares of Coinbase Global in a report on Friday, August 1st. Finally, Piper Sandler restated a "neutral" rating and issued a $350.00 target price on shares of Coinbase Global in a report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $369.01.

Coinbase Global Stock Down 1.5%

COIN stock opened at $338.62 on Wednesday. The company has a fifty day moving average price of $329.07 and a 200 day moving average price of $295.86. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The company has a market cap of $87.01 billion, a price-to-earnings ratio of 32.75 and a beta of 3.68. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13.

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 the consensus estimate of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The business had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter last year, the company earned $0.14 EPS. The firm's revenue for the quarter was up 3.3% compared to the same quarter last year. Sell-side analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the company's stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $345.88, for a total transaction of $3,458,800.00. Following the completion of the transaction, the insider owned 82,328 shares in the company, valued at approximately $28,475,608.64. This represents a 10.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alesia J. Haas sold 4,400 shares of the company's stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $344.41, for a total transaction of $1,515,404.00. Following the transaction, the chief financial officer owned 84,820 shares of the company's stock, valued at approximately $29,212,856.20. The trade was a 4.93% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 205,657 shares of company stock worth $67,479,576 in the last 90 days. 23.43% of the stock is owned by insiders.

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.

Want to see what other hedge funds are holding COIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coinbase Global, Inc. (NASDAQ:COIN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.