Townsquare Capital LLC Has $1.17 Million Stock Position in Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Townsquare Capital LLC increased its stake in Coinbase Global, Inc. by 28.0%, now holding shares valued at $1.17 million.
• Coinbase's CEO Brian Armstrong sold 336,265 shares, reducing his ownership by 99.84%, while insiders have sold 1.16 million shares valued at approximately $430 million in the past three months.
• Coinbase reported a loss of $0.79 per share in its latest quarterly earnings, missing expectations, and experienced a slight year-over-year revenue increase of 3.3%.

Townsquare Capital LLC grew its stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 28.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,792 shares of the cryptocurrency exchange's stock after purchasing an additional 1,484 shares during the quarter. Townsquare Capital LLC's holdings in Coinbase Global were worth $1,170,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Vivaldi Capital Management LP lifted its stake in shares of Coinbase Global by 0.3% in the 4th quarter. Vivaldi Capital Management LP now owns 13,843 shares of the cryptocurrency exchange's stock valued at $3,437,000 after purchasing an additional 47 shares during the period. MetLife Investment Management LLC lifted its stake in shares of Coinbase Global by 0.5% in the 4th quarter. MetLife Investment Management LLC now owns 11,061 shares of the cryptocurrency exchange's stock valued at $2,746,000 after purchasing an additional 55 shares during the period. Callan Capital LLC lifted its stake in shares of Coinbase Global by 5.1% in the 1st quarter. Callan Capital LLC now owns 1,247 shares of the cryptocurrency exchange's stock valued at $215,000 after purchasing an additional 61 shares during the period. Emory University lifted its stake in shares of Coinbase Global by 1.5% in the 4th quarter. Emory University now owns 4,376 shares of the cryptocurrency exchange's stock valued at $1,087,000 after purchasing an additional 64 shares during the period. Finally, TRU Independence Asset Management 2 LLC raised its stake in Coinbase Global by 2.7% during the 1st quarter. TRU Independence Asset Management 2 LLC now owns 2,493 shares of the cryptocurrency exchange's stock worth $429,000 after buying an additional 65 shares during the period. Institutional investors and hedge funds own 68.84% of the company's stock.

Insider Buying and Selling at Coinbase Global

In related news, CEO Brian Armstrong sold 336,265 shares of the firm's stock in a transaction dated 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 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 document filed with the SEC, which is accessible through the SEC website. 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 owned by company insiders.

Wall Street Analyst Weigh In

COIN has been the topic of several research analyst reports. JPMorgan Chase & Co. dropped their price objective on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Rosenblatt Securities reaffirmed a "buy" rating and set a $470.00 price objective on shares of Coinbase Global in a research note on Friday, August 1st. Needham & Company LLC raised their price objective on Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Keefe, Bruyette & Woods dropped their price objective on Coinbase Global from $355.00 to $335.00 and set a "market perform" rating on the stock in a research note on Monday, August 4th. Finally, China Renaissance initiated coverage on Coinbase Global in a research note on Tuesday, June 17th. They set a "buy" rating and a $353.30 price objective on the stock. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $352.18.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $327.01 on Thursday. The stock has a market capitalization of $84.02 billion, a price-to-earnings ratio of 31.63 and a beta of 3.70. The business has a 50-day moving average of $337.03 and a 200-day moving average of $260.87. 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, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. Coinbase Global's revenue was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.14 EPS. As a group, sell-side analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

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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