Strategic Planning Group LLC Purchases 3,288 Shares of Coinbase Global, Inc. $COIN

Key Points

• Strategic Planning Group LLC increased its stake in Coinbase Global, acquiring an additional 3,288 shares, bringing its total holdings to 16,585 shares worth approximately $5.81 million.
• Top institutional investors, including Vanguard Group Inc. and ARK Investment Management LLC, have also made significant increases to their positions in Coinbase Global, with hedge funds and institutional investors collectively owning 68.84% of the company's stock.
• Coinbase's recent quarterly earnings report showed an EPS of $0.12, falling short of the consensus estimate of $0.91, and a revenue of $1.50 billion against an expectation of $1.68 billion.

Strategic Planning Group LLC increased its position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 24.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,585 shares of the cryptocurrency exchange's stock after purchasing an additional 3,288 shares during the quarter. Strategic Planning Group LLC's holdings in Coinbase Global were worth $5,813,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Groupama Asset Managment lifted its stake in Coinbase Global by 100.0% during the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after acquiring an additional 1,500,000 shares in the last quarter. Vanguard Group Inc. lifted its position in Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after buying an additional 875,359 shares during the last quarter. Nuveen LLC bought a new stake in Coinbase Global in the 1st quarter worth approximately $83,454,000. Amundi increased its stake in Coinbase Global by 44.1% in the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock worth $268,850,000 after purchasing an additional 481,786 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Coinbase Global by 1,159.9% during the fourth quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange's stock valued at $81,612,000 after buying an additional 302,595 shares during the period. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Stock Performance

Shares of NASDAQ COIN traded down $10.51 during midday trading on Monday, reaching $331.95. 8,694,083 shares of the company were exchanged, compared to its average volume of 8,040,793. The stock has a fifty day simple moving average of $335.42 and a 200 day simple moving average of $272.61. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The stock has a market cap of $85.29 billion, a P/E ratio of 32.10 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). The business had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The firm's revenue for the quarter was up 3.3% on a year-over-year basis. During the same period last year, the company posted $0.14 earnings per share. On average, research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In related news, CEO Brian Armstrong sold 336,265 shares of the business'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 completion of the sale, 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 transaction was disclosed in a filing with the SEC, which is available at this link. Insiders have sold 1,202,515 shares of company stock valued at $448,306,941 over the last ninety days. Insiders own 23.43% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on COIN. Williams Trading set a $405.00 price target on Coinbase Global in a report on Thursday, July 31st. Argus started coverage on Coinbase Global in a research note on Monday, July 14th. They issued a "buy" rating and a $400.00 price objective for the company. Canaccord Genuity Group restated a "buy" rating and set a $400.00 price objective on shares of Coinbase Global in a report on Friday, August 1st. Citigroup lifted their price target on Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $417.00 price target on shares of Coinbase Global in a research report on Thursday, July 31st. Thirteen investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $356.18.

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.