Creative Planning increased its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 6.3% during the second quarter, HoldingsChannel.com reports. The fund owned 44,780 shares of the cryptocurrency exchange’s stock after buying an additional 2,636 shares during the period. Creative Planning’s holdings in Coinbase Global were worth $3,204,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. AJ Wealth Strategies LLC boosted its position in Coinbase Global by 1.7% during the second quarter. AJ Wealth Strategies LLC now owns 8,589 shares of the cryptocurrency exchange’s stock valued at $615,000 after purchasing an additional 145 shares during the last quarter. Brighton Jones LLC raised its holdings in Coinbase Global by 12.5% during the first quarter. Brighton Jones LLC now owns 1,494 shares of the cryptocurrency exchange’s stock valued at $284,000 after buying an additional 166 shares in the last quarter. International Assets Investment Management LLC raised its holdings in Coinbase Global by 15.3% during the first quarter. International Assets Investment Management LLC now owns 1,352 shares of the cryptocurrency exchange’s stock valued at $257,000 after buying an additional 179 shares in the last quarter. Fulton Bank N.A. raised its holdings in Coinbase Global by 3.9% during the second quarter. Fulton Bank N.A. now owns 5,251 shares of the cryptocurrency exchange’s stock valued at $376,000 after buying an additional 197 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC raised its holdings in Coinbase Global by 4.6% during the first quarter. Steward Partners Investment Advisory LLC now owns 4,516 shares of the cryptocurrency exchange’s stock valued at $305,000 after buying an additional 199 shares in the last quarter. Institutional investors and hedge funds own 45.96% of the company’s stock.
Wall Street Analysts Forecast Growth
COIN has been the topic of several recent research reports. JMP Securities restated a “market outperform” rating and set a $107.00 target price on shares of Coinbase Global in a report on Thursday, August 17th. Compass Point lifted their price objective on Coinbase Global from $100.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, July 19th. The Goldman Sachs Group boosted their price target on Coinbase Global from $45.00 to $51.00 and gave the company a “sell” rating in a research note on Friday, August 4th. Canaccord Genuity Group lifted their price objective on Coinbase Global from $70.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, August 1st. Finally, Mizuho reissued an “underperform” rating and issued a $27.00 target price on shares of Coinbase Global in a report on Wednesday, October 4th. Seven investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $77.38.
Coinbase Global Price Performance
Shares of NASDAQ:COIN opened at $79.10 on Tuesday. Coinbase Global, Inc. has a 52 week low of $31.55 and a 52 week high of $114.43. The firm’s fifty day moving average is $79.06 and its 200-day moving average is $71.72. The firm has a market cap of $18.76 billion, a PE ratio of -14.00 and a beta of 2.68. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.04 and a current ratio of 1.04.
Coinbase Global (NASDAQ:COIN – Get Free Report) last posted its earnings results on Thursday, August 3rd. The cryptocurrency exchange reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.78) by $0.36. The company had revenue of $707.91 million during the quarter, compared to the consensus estimate of $627.60 million. Coinbase Global had a negative net margin of 47.33% and a negative return on equity of 20.68%. The firm’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($4.95) earnings per share. Sell-side analysts predict that Coinbase Global, Inc. will post -1.4 earnings per share for the current year.
Insider Buying and Selling
In other Coinbase Global news, insider Paul Grewal sold 3,573 shares of the stock in a transaction that occurred on Friday, July 14th. The shares were sold at an average price of $110.07, for a total value of $393,280.11. Following the sale, the insider now directly owns 56,860 shares in the company, valued at approximately $6,258,580.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Paul Grewal sold 3,573 shares of Coinbase Global stock in a transaction on Friday, July 14th. The shares were sold at an average price of $110.07, for a total value of $393,280.11. Following the transaction, the insider now owns 56,860 shares in the company, valued at approximately $6,258,580.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gokul Rajaram sold 1,145 shares of Coinbase Global stock in a transaction on Thursday, September 21st. The stock was sold at an average price of $74.38, for a total transaction of $85,165.10. Following the completion of the transaction, the director now owns 11,703 shares in the company, valued at approximately $870,469.14. The disclosure for this sale can be found here. In the last ninety days, insiders sold 133,709 shares of company stock valued at $13,254,293. Company insiders own 33.16% of the company’s stock.
Coinbase Global Company Profile
Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. It offers the primary financial account in the cryptoeconomy for consumers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment.
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