Versor Investments LP Makes New Investment in Coinbase Global, Inc. $COIN

Key Points

• Versor Investments LP has established a new position in Coinbase Global, Inc. by purchasing 3,600 shares valued at approximately $620,000 during the 1st quarter of 2023.
• Coinbase Global's stock faces mixed analyst sentiments, with twelve analysts rating it as a Buy and ten as a Hold, while the average price target is set at $352.72.
• Insiders, including CEO Brian Armstrong, have sold a significant amount of stock recently, with Armstrong selling 25,000 shares for about $8.17 million, leading to a dramatic decrease in their ownership stake.

Versor Investments LP bought a new position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm bought 3,600 shares of the cryptocurrency exchange's stock, valued at approximately $620,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Mascagni Wealth Management Inc. bought a new position in shares of Coinbase Global in the fourth quarter valued at $25,000. Copia Wealth Management bought a new stake in shares of Coinbase Global during the fourth quarter worth about $26,000. Mpwm Advisory Solutions LLC acquired a new stake in shares of Coinbase Global in the 4th quarter worth about $35,000. Brooklands Fund Management Ltd acquired a new position in Coinbase Global during the 4th quarter valued at about $37,245,000. Finally, Ameriflex Group Inc. acquired a new position in Coinbase Global during the 4th quarter valued at about $37,000. Institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Performance

Coinbase Global stock traded up $19.57 during mid-day trading on Friday, reaching $319.85. 12,988,273 shares of the company's stock were exchanged, compared to its average volume of 12,364,330. The business's fifty day simple moving average is $346.00 and its 200 day simple moving average is $261.98. 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 one year low of $142.58 and a one year high of $444.64. The firm has a market capitalization of $82.18 billion, a PE ratio of 30.93 and a beta of 3.70.

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 (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 business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the company earned $0.14 EPS. The firm's revenue for the quarter was up 3.3% compared to the same quarter last year. On average, sell-side analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on COIN. William Blair started coverage on Coinbase Global in a research note on Wednesday, June 11th. They issued an "outperform" rating for the company. JPMorgan Chase & Co. decreased their price target on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Piper Sandler reissued a "neutral" rating and issued a $350.00 price target on shares of Coinbase Global in a research report on Thursday, July 31st. Jefferies Financial Group raised their price objective on Coinbase Global from $260.00 to $405.00 and gave the company a "hold" rating in a research note on Tuesday, July 29th. Finally, Needham & Company LLC upped their target price on shares of Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Thirteen equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Coinbase Global has a consensus rating of "Hold" and a consensus target price of $352.72.

Insiders Place Their Bets

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 transaction of $121,933,051.65. Following the completion of the sale, the chief executive officer owned 526 shares in the company, valued at approximately $190,732.86. This trade represents a 99.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold a total of 1,185,704 shares of company stock worth $438,918,732 in the last three months. 23.43% of the stock is currently owned by corporate insiders.

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.