777 Shares in Coinbase Global, Inc. $COIN Bought by Carnegie Investment Counsel

Carnegie Investment Counsel purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the 2nd quarter, Holdings Channel reports. The firm purchased 777 shares of the cryptocurrency exchange’s stock, valued at approximately $272,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in COIN. Vanguard Group Inc. grew its position in shares of Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock valued at $3,323,084,000 after acquiring an additional 875,359 shares during the period. ARK Investment Management LLC lifted 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 worth $528,592,000 after acquiring an additional 34,462 shares during the last quarter. Groupama Asset Managment lifted 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 worth $516,690,000 after acquiring an additional 1,500,000 shares during the last quarter. Amundi boosted its holdings in Coinbase Global by 44.1% in the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock valued at $268,850,000 after purchasing an additional 481,786 shares during the period. Finally, Northern Trust Corp boosted its holdings 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 valued at $224,318,000 after purchasing an additional 7,675 shares during the period. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Price Performance

COIN stock opened at $354.46 on Monday. 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 1 year low of $142.58 and a 1 year high of $444.64. The company has a 50 day simple moving average of $329.63 and a 200 day simple moving average of $300.44. The stock has a market cap of $91.07 billion, a price-to-earnings ratio of 34.28 and a beta of 3.68.

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 business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the company posted $0.14 earnings per share. The company’s revenue was up 3.3% compared to the same quarter last year. Research analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $355.47, for a total value of $8,886,750.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares in the company, valued at approximately $186,977.22. This represents a 97.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Grewal sold 15,439 shares of the company’s stock in a transaction on Monday, August 25th. The shares were sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the completion of the sale, the insider directly owned 82,328 shares in the company, valued at approximately $25,587,542.40. This represents a 15.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 205,657 shares of company stock worth $67,479,576. 23.43% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Jefferies Financial Group boosted their price objective on shares of Coinbase Global from $260.00 to $405.00 and gave the company a “hold” rating in a report on Tuesday, July 29th. Needham & Company LLC upped their price target on shares of Coinbase Global from $270.00 to $400.00 and gave the stock a “buy” rating in a report on Friday, August 1st. Citigroup upped their price target on shares of Coinbase Global from $270.00 to $505.00 and gave the stock a “buy” rating in a report on Tuesday, July 29th. Wall Street Zen raised shares of Coinbase Global from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Finally, Monness Crespi & Hardt downgraded shares of Coinbase Global from a “buy” rating to a “neutral” rating in a report on Monday, July 28th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Coinbase Global presently has an average rating of “Moderate Buy” and an average target price of $384.12.

About Coinbase Global

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.