Richmond Investment Services LLC Takes Position in Coinbase Global, Inc. $COIN

Richmond Investment Services LLC acquired a new position in Coinbase Global, Inc. (NASDAQ:COIN) in the 2nd quarter, Holdings Channel reports. The institutional investor acquired 576 shares of the cryptocurrency exchange’s stock, valued at approximately $202,000.

Several other large investors have also recently bought and sold shares of the company. Evelyn Partners Investment Management Europe Ltd lifted its stake in shares of Coinbase Global by 92.3% during the second quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock valued at $29,000 after acquiring an additional 36 shares during the period. Cullen Frost Bankers Inc. bought a new position in shares of Coinbase Global in the 2nd quarter valued at about $30,000. City State Bank acquired a new stake in shares of Coinbase Global during the 2nd quarter worth approximately $33,000. Financial Gravity Companies Inc. bought a new stake in shares of Coinbase Global during the second quarter worth approximately $34,000. Finally, Fourth Dimension Wealth LLC raised its stake in shares of Coinbase Global by 300.0% during the second quarter. Fourth Dimension Wealth LLC now owns 100 shares of the cryptocurrency exchange’s stock worth $35,000 after buying an additional 75 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Trading Up 4.3%

NASDAQ COIN opened at $264.97 on Thursday. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.40 and a quick ratio of 2.40. The firm has a market cap of $71.45 billion, a P/E ratio of 22.92 and a beta of 3.67. The stock’s 50-day moving average is $323.03 and its 200-day moving average is $317.50.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data 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. Coinbase Global had a return on equity of 15.70% and a net margin of 41.99%.The business had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the previous year, the firm earned $0.28 EPS. Coinbase Global’s quarterly revenue was up 55.1% compared to the same quarter last year. Sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

COIN has been the topic of a number of recent research reports. Rosenblatt Securities raised their price objective on shares of Coinbase Global from $450.00 to $470.00 in a research note on Friday, October 31st. China Renaissance lifted their price objective on Coinbase Global from $444.60 to $479.30 in a research note on Monday, November 3rd. Erste Group Bank downgraded Coinbase Global from a “buy” rating to a “hold” rating in a report on Thursday, November 20th. Keefe, Bruyette & Woods decreased their target price on Coinbase Global from $355.00 to $335.00 and set a “market perform” rating for the company in a research report on Monday, August 4th. Finally, Bank of America cut their price target on shares of Coinbase Global from $369.00 to $340.00 in a research report on Wednesday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Coinbase Global presently has a consensus rating of “Moderate Buy” and an average price target of $398.08.

Insider Activity

In related news, COO Emilie Choi sold 100,000 shares of the company’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $310.88, for a total value of $31,088,000.00. Following the completion of the transaction, the chief operating officer directly owned 187,802 shares of the company’s stock, valued at approximately $58,383,885.76. This represents a 34.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frederick Ernest Ehrsam III sold 277,074 shares of Coinbase Global stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $309.92, for a total value of $85,870,774.08. The SEC filing for this sale provides additional information. Insiders sold 762,995 shares of company stock worth $235,840,503 over the last quarter. 17.65% of the stock is currently owned by company insiders.

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.