New York State Teachers Retirement System bought a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the second quarter, Holdings Channel reports. The fund bought 152,457 shares of the cryptocurrency exchange’s stock, valued at approximately $53,435,000.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Coinbase Global by 4.8% during the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock worth $3,323,084,000 after purchasing an additional 875,359 shares during the period. ARK Investment Management LLC raised its position in Coinbase Global by 1.1% during the first quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange’s stock valued at $528,592,000 after buying an additional 34,462 shares during the period. Groupama Asset Managment raised its position in Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock valued at $516,690,000 after buying an additional 1,500,000 shares during the period. Amundi raised 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 valued at $268,850,000 after buying an additional 481,786 shares during the period. Finally, Northern Trust Corp raised its position in Coinbase Global by 0.6% during the first quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange’s stock valued at $224,318,000 after buying an additional 7,675 shares during the period. 68.84% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several research firms recently weighed in on COIN. BTIG Research began coverage on Coinbase Global in a research report on Wednesday, October 1st. They set a “buy” rating and a $410.00 price target on the stock. Redburn Partners set a $417.00 price target on Coinbase Global in a research report on Friday, October 3rd. Bank of America dropped their price target on Coinbase Global from $369.00 to $340.00 in a research report on Wednesday, October 1st. Oppenheimer reissued an “outperform” rating and set a $417.00 price target on shares of Coinbase Global in a research report on Thursday, July 31st. Finally, Erste Group Bank assumed coverage on Coinbase Global in a research report on Wednesday, July 23rd. They issued a “buy” rating on the stock. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $367.94.
Insider Buying and Selling
In other news, CFO Alesia J. Haas sold 1,742 shares of the company’s 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 completion of the sale, the chief financial officer owned 5,226 shares in the company, valued at approximately $1,683,921.72. This represents a 25.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Jennifer N. Jones sold 1,756 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $300.52, for a total value of $527,713.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 199,515 shares of company stock worth $65,362,451. Insiders own 17.65% of the company’s stock.
Coinbase Global Stock Performance
Shares of COIN stock opened at $330.25 on Friday. 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, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The stock’s 50-day moving average is $327.75 and its two-hundred day moving average is $291.54. The firm has a market cap of $84.85 billion, a P/E ratio of 31.94 and a beta of 3.68.
Coinbase Global (NASDAQ:COIN – Get Free Report) 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 firm had revenue of $1.50 billion during 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 business’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.14 earnings per share. 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.
See Also
- Five stocks we like better than Coinbase Global
- Growth Stocks: What They Are, Examples and How to Invest
- Salesforce’s Long-Awaited Inflection is Here: Rally On!
- Uptrend Stocks Explained: Learn How to Trade Using Uptrends
- Rocket Lab USA Receives Wall Street Validation: Time to Buy?
- The Significance of a Trillion-Dollar Market Cap Goes Beyond a Number
- Archer Buys Rival’s Patent Treasure Trove in Strategic Move
Want to see what other hedge funds are holding COIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coinbase Global, Inc. (NASDAQ:COIN – Free Report).
Receive News & Ratings for Coinbase Global Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Coinbase Global and related companies with MarketBeat.com's FREE daily email newsletter.