Welch Group LLC Acquires Shares of 1,000 Coinbase Global, Inc. $COIN

Key Points

• Welch Group LLC has acquired 1,000 shares of Coinbase Global, Inc. valued at approximately $350,000, indicating continued institutional interest in the cryptocurrency exchange.
• Coinbase stock has recently faced a 7.7% decline and has reported earnings of $0.12 per share, missing analysts' expectations significantly.
• Institutions collectively own about 68.84% of Coinbase shares, with significant recent increases in stakes from firms like Vanguard Group and Groupama Asset Management.

Welch Group LLC purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,000 shares of the cryptocurrency exchange's stock, valued at approximately $350,000.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Coinbase Global by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after acquiring an additional 875,359 shares during the last quarter. ARK Investment Management LLC raised its position in Coinbase Global by 1.1% in the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock worth $528,592,000 after purchasing an additional 34,462 shares during the last quarter. Groupama Asset Managment raised its position in Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock worth $516,690,000 after purchasing an additional 1,500,000 shares during the last quarter. Amundi raised its position in Coinbase Global by 44.1% in the 1st 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, Northern Trust Corp raised its position in Coinbase Global by 0.6% in the 1st quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange's stock worth $224,318,000 after purchasing an additional 7,675 shares during the last quarter. 68.84% of the stock is owned by institutional investors.

Coinbase Global Stock Down 7.7%

Shares of Coinbase Global stock opened at $357.01 on Monday. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The business has a 50-day moving average of $325.06 and a two-hundred day moving average of $288.49. The company has a market capitalization of $91.73 billion, a P/E ratio of 34.53 and a beta of 3.68. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its earnings results 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 return on equity of 16.02% and a net margin of 40.87%.The business had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the company posted $0.14 earnings per share. Coinbase Global's revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, equities analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on COIN shares. Keefe, Bruyette & Woods dropped their target price on Coinbase Global from $355.00 to $335.00 and set a "market perform" rating for the company in a research report on Monday, August 4th. Jefferies Financial Group boosted their price objective on Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a report on Tuesday, July 29th. Canaccord Genuity Group reissued a "buy" rating and set a $400.00 price objective on shares of Coinbase Global in a report on Friday, August 1st. Redburn Partners set a $417.00 price target on shares of Coinbase Global in a research note on Friday, October 3rd. Finally, China Renaissance initiated coverage on shares of Coinbase Global in a research note on Tuesday, June 17th. They set a "buy" rating and a $353.30 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $367.12.

Insider Activity at Coinbase Global

In other news, CFO Alesia J. Haas sold 1,742 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $322.22, for a total transaction of $561,307.24. Following the completion of the sale, the chief financial officer owned 5,226 shares of the company's stock, valued at $1,683,921.72. This represents a 25.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $345.88, for a total transaction of $3,458,800.00. Following the sale, the insider directly owned 82,328 shares of the company's stock, valued at $28,475,608.64. This represents a 10.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 556,321 shares of company stock valued at $208,110,150 over the last three months. Insiders own 23.43% of the company's stock.

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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