Vanguard Group Inc. Boosts Stock Position in Coinbase Global, Inc. $COIN

Key Points

• Vanguard Group increased its stake by 0.7% to 26,400,836 shares, now owning 9.79% of Coinbase worth about $5.97 billion.
• Coinbase missed Q4 estimates, reporting EPS of $0.66 versus $0.83 expected and revenue of $1.78 billion versus $1.86 billion, with revenue down 21.6% year‑over‑year.
• Analysts have a consensus rating of Hold with a $262.07 average target; 19 analysts rate the stock Buy, 11 Hold and 3 Sell.

Vanguard Group Inc. grew its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 0.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,400,836 shares of the cryptocurrency exchange's stock after buying an additional 184,043 shares during the period. Vanguard Group Inc. owned 9.79% of Coinbase Global worth $5,970,285,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. AEGON ASSET MANAGEMENT UK Plc bought a new stake in Coinbase Global during the 3rd quarter valued at approximately $14,491,000. FengHe Fund Management Pte. Ltd. raised its stake in Coinbase Global by 119.1% during the 3rd quarter. FengHe Fund Management Pte. Ltd. now owns 69,900 shares of the cryptocurrency exchange's stock valued at $23,591,000 after purchasing an additional 38,000 shares during the period. Artisan Partners Limited Partnership bought a new stake in Coinbase Global during the 3rd quarter valued at approximately $224,663,000. Harvest Portfolios Group Inc. raised its stake in Coinbase Global by 42.5% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 309,496 shares of the cryptocurrency exchange's stock valued at $104,452,000 after purchasing an additional 92,292 shares during the period. Finally, Rafferty Asset Management LLC raised its stake in Coinbase Global by 9.9% during the 3rd quarter. Rafferty Asset Management LLC now owns 77,917 shares of the cryptocurrency exchange's stock valued at $26,296,000 after purchasing an additional 7,017 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on COIN. China Renaissance decreased their target price on Coinbase Global from $301.50 to $223.20 and set a "buy" rating on the stock in a research note on Monday, February 23rd. Citigroup decreased their target price on Coinbase Global from $505.00 to $400.00 and set a "buy" rating on the stock in a research note on Friday, February 6th. Citizens Jmp decreased their target price on Coinbase Global from $400.00 to $355.00 and set a "market outperform" rating on the stock in a research note on Friday, April 10th. Weiss Ratings reissued a "hold (c)" rating on shares of Coinbase Global in a research note on Friday, January 9th. Finally, Robert W. Baird reduced their price objective on Coinbase Global from $215.00 to $200.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 1st. Nineteen investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $262.07.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $199.77 on Monday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.34 and a quick ratio of 2.34. Coinbase Global, Inc. has a 1 year low of $139.36 and a 1 year high of $444.64. The stock's 50 day simple moving average is $185.15 and its two-hundred day simple moving average is $234.64. The company has a market cap of $52.76 billion, a price-to-earnings ratio of 45.51, a PEG ratio of 4.52 and a beta of 3.60.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Thursday, February 12th. The cryptocurrency exchange reported $0.66 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.83 by ($0.17). Coinbase Global had a return on equity of 8.68% and a net margin of 17.55%.The firm had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the previous year, the firm earned $4.68 EPS. The business's revenue was down 21.6% compared to the same quarter last year. As a group, equities analysts anticipate that Coinbase Global, Inc. will post 2.77 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 10,020 shares of Coinbase Global stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $200.00, for a total value of $2,004,000.00. Following the sale, the chief financial officer owned 377,201 shares of the company's stock, valued at $75,440,200. The trade was a 2.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 394,590 shares of company stock valued at $62,508,690. Insiders own 16.56% of the company's stock.

Coinbase Global Company Profile

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase's product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.

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