Resona Asset Management Co. Ltd. Raises Stock Holdings in Coinbase Global, Inc. $COIN

Resona Asset Management Co. Ltd. increased its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 11.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 65,412 shares of the cryptocurrency exchange’s stock after purchasing an additional 6,783 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Coinbase Global were worth $22,956,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in COIN. McClarren Financial Advisors Inc. purchased a new stake in shares of Coinbase Global during the first quarter worth about $30,000. Cullen Frost Bankers Inc. acquired a new stake in Coinbase Global during the second quarter worth approximately $30,000. S Bank Fund Management Ltd purchased a new stake in Coinbase Global in the 1st quarter worth approximately $31,000. SouthState Corp grew its stake in Coinbase Global by 128.4% in the 1st quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange’s stock worth $32,000 after acquiring an additional 104 shares during the period. Finally, City State Bank acquired a new position in Coinbase Global in the 2nd quarter valued at $33,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Keefe, Bruyette & Woods decreased their price objective on Coinbase Global from $355.00 to $335.00 and set a “market perform” rating on the stock in a report on Monday, August 4th. JMP Securities raised their price target on Coinbase Global from $400.00 to $440.00 and gave the stock a “market outperform” rating in a research note on Monday, July 14th. President Capital lifted their price target on Coinbase Global from $401.00 to $472.00 and gave the company a “buy” rating in a report on Wednesday. Wall Street Zen upgraded shares of Coinbase Global from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Finally, Mizuho boosted their target price on shares of Coinbase Global from $300.00 to $320.00 and gave the company a “neutral” rating in a report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $397.36.

Coinbase Global Stock Down 7.5%

Shares of NASDAQ:COIN opened at $295.22 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.40 and a current ratio of 2.40. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The stock has a market capitalization of $75.85 billion, a P/E ratio of 25.54 and a beta of 3.67. The stock has a 50-day simple moving average of $333.84 and a 200-day simple moving average of $309.42.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 EPS for the quarter, beating the consensus estimate of $1.04 by $0.40. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The firm had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter last year, the firm posted $0.28 earnings per share. Coinbase Global’s revenue for the quarter was up 55.1% compared to the same quarter last year. Equities analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity at Coinbase Global

In related news, 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 of the company’s stock, valued at approximately $25,587,542.40. This represents a 15.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lawrence J. Brock sold 5,903 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $311.37, for a total value of $1,838,017.11. Following the completion of the sale, the insider owned 478 shares of the company’s stock, valued at approximately $148,834.86. This represents a 92.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 205,657 shares of company stock worth $67,989,576. 17.65% of the stock is currently owned by corporate insiders.

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.