Trust Asset Management LLC Makes New Investment in Coinbase Global, Inc. $COIN

Trust Asset Management LLC bought a new position in Coinbase Global, Inc. (NASDAQ:COIN) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,389 shares of the cryptocurrency exchange’s stock, valued at approximately $837,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of COIN. Bessemer Group Inc. grew its stake in Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock worth $26,000 after acquiring an additional 113 shares during the period. McClarren Financial Advisors Inc. purchased a new stake in shares of Coinbase Global during the 1st quarter valued at $30,000. S Bank Fund Management Ltd purchased a new stake in shares of Coinbase Global during the 1st quarter valued at $31,000. SouthState Corp grew its stake in shares of Coinbase Global by 128.4% during the 1st 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 period. Finally, NBT Bank N A NY purchased a new stake in shares of Coinbase Global during the 1st quarter valued at $33,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Coinbase Global

In other news, CFO Alesia J. Haas sold 1,742 shares of Coinbase Global stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $322.22, for a total transaction of $561,307.24. Following the sale, the chief financial officer directly owned 5,226 shares of the company’s stock, valued at approximately $1,683,921.72. The trade was a 25.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $355.47, for a total value of $8,886,750.00. Following the sale, the chief executive officer directly owned 526 shares in the company, valued at approximately $186,977.22. The trade was a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 739,515 shares of company stock worth $280,933,525 in the last quarter. 23.43% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

COIN has been the subject of several research reports. HC Wainwright reissued a “sell” rating and set a $300.00 price objective on shares of Coinbase Global in a research note on Friday, August 1st. Rothschild Redb raised shares of Coinbase Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Wall Street Zen raised shares of Coinbase Global from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Redburn Partners set a $417.00 price objective on shares of Coinbase Global in a research note on Friday. Finally, Rosenblatt Securities reissued a “buy” rating and set a $470.00 price objective on shares of Coinbase Global in a research note on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $367.27.

Coinbase Global Stock Down 2.7%

Shares of NASDAQ COIN opened at $375.78 on Wednesday. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The company has a market cap 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. The stock has a fifty day moving average price of $323.84 and a 200 day moving average price of $284.12.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (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 company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the prior year, the company posted $0.14 earnings per share. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. Research analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

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.