Watershed Private Wealth LLC Purchases Shares of 1,154 Coinbase Global, Inc. $COIN

Key Points

• Watershed Private Wealth LLC has acquired a new stake in Coinbase Global, purchasing 1,154 shares worth approximately $404,000.
• Analyst ratings for Coinbase Global are largely positive, with a consensus average rating of "Moderate Buy" and a price target of $367.27.
• CEO Brian Armstrong sold 198,300 shares of Coinbase at a price of $397.87, significantly reducing his ownership by 99.74%.

Watershed Private Wealth LLC bought a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 1,154 shares of the cryptocurrency exchange's stock, valued at approximately $404,000.

Several other institutional investors have also recently added to or reduced their stakes in COIN. Groupama Asset Managment increased its stake in shares of Coinbase Global by 100.0% during the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock valued at $516,690,000 after acquiring an additional 1,500,000 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Coinbase Global by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after acquiring an additional 875,359 shares during the last quarter. Nuveen LLC acquired a new position in Coinbase Global during the first quarter worth approximately $83,454,000. Amundi increased its position in Coinbase Global by 44.1% during the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock worth $268,850,000 after purchasing an additional 481,786 shares during the last quarter. Finally, Perpetual Ltd acquired a new position in Coinbase Global during the second quarter worth approximately $62,324,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on COIN shares. Rothschild Redb raised shares of Coinbase Global from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 3rd. BTIG Research started coverage on Coinbase Global in a report on Wednesday, October 1st. They set a "buy" rating and a $410.00 price objective for the company. Keefe, Bruyette & Woods dropped their price target on Coinbase Global from $355.00 to $335.00 and set a "market perform" rating for the company in a research note on Monday, August 4th. Compass Point restated a "sell" rating and set a $248.00 price target (down from $330.00) on shares of Coinbase Global in a research note on Monday, August 4th. Finally, Erste Group Bank began coverage on shares of Coinbase Global in a research report on Wednesday, July 23rd. They set a "buy" rating for the company. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Coinbase Global currently has an average rating of "Moderate Buy" and a consensus target price of $367.27.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 198,300 shares of Coinbase Global stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total value of $78,897,621.00. Following the transaction, the chief executive officer owned 526 shares of the company's stock, valued at $209,279.62. This trade represents a 99.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 15,439 shares of Coinbase Global stock in a transaction on Monday, August 25th. The stock was sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the completion of the transaction, the insider owned 82,328 shares in the company, valued at $25,587,542.40. This trade represents a 15.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 739,515 shares of company stock worth $280,933,525 in the last 90 days. 23.43% of the stock is owned by insiders.

Coinbase Global Stock Down 2.7%

COIN stock opened at $375.78 on Wednesday. The company has a market capitalization of $96.55 billion, a P/E ratio of 36.34 and a beta of 3.68. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The firm has a 50 day simple moving average of $323.84 and a 200-day simple moving average of $284.12.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its earnings results 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 return on equity of 16.02% and a net margin of 40.87%.The firm had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the business posted $0.14 EPS. Coinbase Global's revenue was up 3.3% compared to the same quarter last year. On average, equities research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share 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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