Valliance Asset Management Ltd Takes Position in Coinbase Global, Inc. $COIN

Key Points

• Valliance Asset Management Ltd has acquired a new stake in Coinbase Global, Inc., purchasing 10,000 shares valued at approximately $3,505,000, making it the second largest position in their portfolio.
• Coinbase reported a net margin of 40.87% for the quarter but missed analysts' EPS estimates by $0.79, posting $0.12 EPS compared to expectations of $0.91.
• Several institutional investors increased their stakes in Coinbase during the second quarter, with hedge funds and institutional investors currently owning 68.84% of the stock.

Valliance Asset Management Ltd acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,000 shares of the cryptocurrency exchange's stock, valued at approximately $3,505,000. Coinbase Global makes up 27.7% of Valliance Asset Management Ltd's portfolio, making the stock its 2nd biggest position.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Cadent Capital Advisors LLC increased its stake in Coinbase Global by 1.0% in the second quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange's stock valued at $1,108,000 after purchasing an additional 30 shares during the last quarter. Ameriflex Group Inc. increased its stake in Coinbase Global by 20.0% in the second quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange's stock valued at $68,000 after purchasing an additional 30 shares during the last quarter. Pettinga Financial Advisors LLC increased its stake in Coinbase Global by 2.6% in the second quarter. Pettinga Financial Advisors LLC now owns 1,321 shares of the cryptocurrency exchange's stock valued at $463,000 after purchasing an additional 34 shares during the last quarter. Hemington Wealth Management increased its stake in Coinbase Global by 12.1% in the second quarter. Hemington Wealth Management now owns 352 shares of the cryptocurrency exchange's stock valued at $123,000 after purchasing an additional 38 shares during the last quarter. Finally, Capital Advisors Ltd. LLC increased its stake in Coinbase Global by 13.7% in the second quarter. Capital Advisors Ltd. LLC now owns 323 shares of the cryptocurrency exchange's stock valued at $113,000 after purchasing an additional 39 shares during the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Price Performance

COIN stock opened at $322.76 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The firm has a market cap of $82.93 billion, a P/E ratio of 31.21 and a beta of 3.68. The stock has a 50-day simple moving average of $328.89 and a 200-day simple moving average of $297.17.

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

Insider Activity

In other news, CFO Alesia J. Haas sold 4,400 shares of the stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $344.41, for a total value of $1,515,404.00. Following the completion of the sale, the chief financial officer owned 84,820 shares in the company, valued at approximately $29,212,856.20. This trade represents a 4.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $361.32, for a total value of $9,033,000.00. Following the completion of the sale, the chief executive officer owned 526 shares of the company's stock, valued at approximately $190,054.32. This trade represents a 97.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 205,657 shares of company stock worth $67,479,576. 17.65% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently commented on COIN. Rothschild & Co Redburn upgraded Coinbase Global from a "neutral" rating to a "buy" rating and upped their target price for the company from $325.00 to $417.00 in a research note on Friday, October 3rd. Bank of America dropped their target price on Coinbase Global from $369.00 to $340.00 in a research note on Wednesday, October 1st. Rosenblatt Securities restated a "buy" rating and set a $470.00 price target 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 report on Friday, August 1st. Finally, Jefferies Financial Group boosted their target price on Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a report on Tuesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Coinbase Global currently has a consensus rating of "Moderate Buy" and a consensus target price of $383.36.

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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