Penserra Capital Management LLC Decreases Position in Coinbase Global, Inc. $COIN

Penserra Capital Management LLC reduced its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 14.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 47,922 shares of the cryptocurrency exchange’s stock after selling 8,309 shares during the quarter. Penserra Capital Management LLC’s holdings in Coinbase Global were worth $16,795,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of COIN. Vanguard Group Inc. grew its position in Coinbase Global by 4.8% in the first 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 in the last quarter. ARK Investment Management LLC grew its holdings in Coinbase Global by 1.1% during the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange’s stock valued at $528,592,000 after purchasing an additional 34,462 shares in the last quarter. Groupama Asset Managment grew its holdings in Coinbase Global by 100.0% during the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock valued at $516,690,000 after purchasing an additional 1,500,000 shares in the last quarter. Amundi increased its stake in Coinbase Global by 44.1% during the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock worth $268,850,000 after buying an additional 481,786 shares during the period. Finally, Northern Trust Corp lifted 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 worth $224,318,000 after buying an additional 7,675 shares in the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Price Performance

Shares of COIN opened at $309.14 on Friday. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $444.64. The company has a current ratio of 2.40, a quick ratio of 2.40 and a debt-to-equity ratio of 0.37. The firm has a market cap of $79.43 billion, a price-to-earnings ratio of 26.74 and a beta of 3.67. The stock has a 50 day moving average of $333.93 and a 200-day moving average of $311.19.

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on COIN. Rosenblatt Securities lifted their target price on Coinbase Global from $450.00 to $470.00 in a research report on Friday, October 31st. Benchmark restated a “buy” rating on shares of Coinbase Global in a research note on Friday, October 31st. Redburn Partners set a $417.00 target price on Coinbase Global in a research report on Friday, October 3rd. Piper Sandler reiterated a “neutral” rating and set a $350.00 target price on shares of Coinbase Global in a research note on Thursday, July 31st. Finally, HC Wainwright upgraded shares of Coinbase Global from a “sell” rating to a “buy” rating and lifted their price target for the stock from $300.00 to $425.00 in a research note on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $397.36.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 25,000 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $337.49, for a total value of $8,437,250.00. Following the transaction, the chief executive officer directly owned 526 shares in the company, valued at approximately $177,519.74. This trade represents a 97.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $345.88, for a total transaction of $3,458,800.00. Following the completion of the transaction, the insider directly owned 82,328 shares of the company’s stock, valued at $28,475,608.64. This trade represents a 10.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 205,657 shares of company stock valued at $67,989,576. Company insiders own 17.65% of the company’s stock.

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.