Clare Market Investments LLC Grows Stock Position in Coinbase Global, Inc. $COIN

Clare Market Investments LLC raised its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 1.8% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 2,552 shares of the cryptocurrency exchange’s stock after buying an additional 45 shares during the period. Clare Market Investments LLC’s holdings in Coinbase Global were worth $894,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of COIN. Mascagni Wealth Management Inc. purchased a new position in shares of Coinbase Global in the 4th quarter valued at about $25,000. Copia Wealth Management purchased a new position in shares of Coinbase Global in the 4th quarter valued at about $26,000. Bessemer Group Inc. increased its stake in shares of Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock valued at $26,000 after purchasing an additional 113 shares in the last quarter. McClarren Financial Advisors Inc. purchased a new position in shares of Coinbase Global in the 1st quarter valued at about $30,000. Finally, S Bank Fund Management Ltd purchased a new position in shares of Coinbase Global in the 1st quarter valued at about $31,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Compass Point restated a “sell” rating and issued a $248.00 price target (down previously from $330.00) on shares of Coinbase Global in a research note on Monday, August 4th. Williams Trading set a $405.00 price target on Coinbase Global in a research note on Thursday, July 31st. Argus assumed coverage on Coinbase Global in a research note on Monday, July 14th. They issued a “buy” rating and a $400.00 price target for the company. Benchmark lifted their price target on Coinbase Global from $301.00 to $421.00 and gave the company a “buy” rating in a research note on Monday, June 23rd. Finally, Needham & Company LLC lifted their price objective on Coinbase Global from $270.00 to $400.00 and gave the stock a “buy” rating in a report on Friday, August 1st. Thirteen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Coinbase Global has a consensus rating of “Hold” and an average target price of $356.18.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 336,265 shares of the business’s stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the transaction, the chief executive officer directly owned 526 shares in the company, valued at $190,732.86. The trade was a 99.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last 90 days, insiders sold 1,202,515 shares of company stock worth $448,306,941. Insiders own 17.65% of the company’s stock.

Coinbase Global Trading Up 7.0%

COIN stock opened at $343.13 on Friday. 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 12-month low of $142.58 and a 12-month high of $444.64. The stock has a market cap of $88.16 billion, a price-to-earnings ratio of 33.18 and a beta of 3.68. The business’s 50-day moving average is $337.55 and its 200 day moving average is $270.18.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The company’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.14 earnings per share. On average, sell-side 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.