Vigilare Wealth Management Invests $443,000 in Coinbase Global, Inc. $COIN

Key Points

• Vigilare Wealth Management has invested approximately $443,000 in Coinbase Global by acquiring 1,263 shares during the second quarter.
• Several hedge funds have also adjusted their stakes in Coinbase, with Bessemer Group Inc. raising its position by 297.4%, highlighting increased institutional interest.
• Coinbase reported lower than expected earnings, with a net margin of 40.87% and revenue of $1.50 billion, missing analysts' estimates for the quarter.

Vigilare Wealth Management acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,263 shares of the cryptocurrency exchange's stock, valued at approximately $443,000.

A number of other hedge funds have also recently added to or reduced their stakes in COIN. Bessemer Group Inc. raised its position 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 during the last quarter. North Star Investment Management Corp. acquired a new stake in shares of Coinbase Global in the second quarter valued at about $55,000. McClarren Financial Advisors Inc. acquired a new stake in shares of Coinbase Global in the first quarter valued at about $30,000. S Bank Fund Management Ltd acquired a new stake in shares of Coinbase Global in the first quarter valued at about $31,000. Finally, SouthState Corp raised its position in shares of Coinbase Global by 128.4% in the first quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange's stock valued at $32,000 after buying an additional 104 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

COIN has been the subject of a number of recent research reports. The Goldman Sachs Group increased their target price on shares of Coinbase Global from $239.00 to $268.00 and gave the company a "neutral" rating in a research report on Monday, July 7th. Citigroup upped their price objective on shares of Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Williams Trading set a $405.00 price objective on shares of Coinbase Global in a report on Thursday, July 31st. BTIG Research set a $410.00 price objective on shares of Coinbase Global and gave the company a "buy" rating in a report on Wednesday. Finally, Piper Sandler reissued a "neutral" rating and issued a $350.00 price objective on shares of Coinbase Global in a report on Thursday, July 31st. Fourteen equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $358.33.

Insider Activity at Coinbase Global

In other news, insider Paul Grewal sold 15,439 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the transaction, the insider owned 82,328 shares of the company's stock, valued at approximately $25,587,542.40. This trade represents a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 198,300 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $209,279.62. The trade was a 99.74% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 714,515 shares of company stock valued at $272,046,775. Insiders own 23.43% of the company's stock.

Coinbase Global Trading Up 1.0%

NASDAQ COIN opened at $337.49 on Wednesday. The firm has a 50 day simple moving average of $325.38 and a 200-day simple moving average of $277.73. 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 one year low of $142.58 and a one year high of $444.64. The firm has a market cap of $86.71 billion, a price-to-earnings ratio of 32.64 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing the consensus estimate 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 analysts' expectations of $1.68 billion. During the same period in the previous year, the business posted $0.14 EPS. The company's revenue for the quarter was up 3.3% compared to the same quarter last year. Equities research analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Coinbase Global Company 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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