Vanguard Group Inc. Increases Stock Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• Vanguard Group Inc. increased its stake in Coinbase Global, Inc. by 4.8%, owning 19,294,456 shares valued at approximately $3.32 billion as of the latest SEC filing.
• Coinbase Global, Inc. reported a quarterly EPS of $0.12, significantly missing analysts' expectations of $0.91, while revenue was also below forecast at $1.50 billion.
• Several analysts have revised their price targets for Coinbase, with Needham & Company boosting their target to $400.00 and Citigroup increasing theirs to $505.00, indicating optimism about the stock's potential.

Vanguard Group Inc. raised its stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 4.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 19,294,456 shares of the cryptocurrency exchange's stock after purchasing an additional 875,359 shares during the quarter. Vanguard Group Inc. owned 7.60% of Coinbase Global worth $3,323,084,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of COIN. Mascagni Wealth Management Inc. purchased a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $25,000. Copia Wealth Management purchased a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $26,000. Bessemer Group Inc. boosted its stake in shares of Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after buying an additional 113 shares in the last quarter. McClarren Financial Advisors Inc. purchased a new stake in shares of Coinbase Global in the first quarter valued at approximately $30,000. Finally, NBT Bank N A NY purchased a new stake in shares of Coinbase Global in the first quarter valued at approximately $33,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction on Monday, August 4th. The stock was sold at an average price of $317.09, for a total value of $7,927,250.00. Following the completion of the sale, the chief executive officer owned 526 shares of the company's stock, valued at $166,789.34. The trade was a 97.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 10,000 shares of the business's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $348.64, for a total value of $3,486,400.00. Following the sale, the insider directly owned 82,328 shares of the company's stock, valued at approximately $28,702,833.92. This trade represents a 10.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,208,340 shares of company stock valued at $442,911,206 over the last quarter. Company insiders own 17.65% of the company's stock.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $310.54 on Friday. The company has a market cap of $79.79 billion, a P/E ratio of 30.03, a P/E/G ratio of 26.89 and a beta of 3.70. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $444.64. The business has a fifty day simple moving average of $332.88 and a 200-day simple moving average of $260.33.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). The business had revenue of $1.50 billion during the quarter, compared to analysts' expectations 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 for the quarter was up 3.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.14 EPS. Equities research analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Analysts Set New Price Targets

COIN has been the topic of a number of analyst reports. Keefe, Bruyette & Woods decreased their price target 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. Needham & Company LLC lifted 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. Sanford C. Bernstein boosted their target price on Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Argus assumed coverage on Coinbase Global in a research report on Monday, July 14th. They set a "buy" rating and a $400.00 target price on the stock. Finally, Citigroup boosted their target price on Coinbase Global from $270.00 to $505.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Two research 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $352.18.

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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