Forvis Mazars Wealth Advisors LLC Buys New Holdings in Coinbase Global, Inc. $COIN

Forvis Mazars Wealth Advisors LLC bought a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,006 shares of the cryptocurrency exchange’s stock, valued at approximately $353,000.

Other hedge funds have also recently bought and sold shares of the company. Bessemer Group Inc. raised its stake in Coinbase Global by 297.4% during the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock worth $26,000 after acquiring an additional 113 shares in the last quarter. McClarren Financial Advisors Inc. acquired a new stake in shares of Coinbase Global in the first quarter valued at $30,000. S Bank Fund Management Ltd acquired a new stake in shares of Coinbase Global in the first quarter valued at $31,000. SouthState Corp boosted its holdings in Coinbase Global by 128.4% in the first quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange’s stock valued at $32,000 after acquiring an additional 104 shares during the last quarter. Finally, Berbice Capital Management LLC bought a new position in Coinbase Global in the first quarter valued at about $34,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $400.00 price target on shares of Coinbase Global in a report on Friday, August 1st. Redburn Partners set a $417.00 price target on Coinbase Global in a report on Friday, October 3rd. Keefe, Bruyette & Woods decreased their price target 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Coinbase Global in a report on Tuesday, October 14th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $417.00 price target on shares of Coinbase Global in a report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $369.01.

Coinbase Global Price Performance

Shares of COIN opened at $343.78 on Tuesday. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The stock has a market cap of $88.33 billion, a P/E ratio of 33.25 and a beta of 3.68. The stock’s 50-day moving average price is $328.75 and its two-hundred day moving average price is $295.56.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the business posted $0.14 EPS. Coinbase Global’s quarterly revenue was up 3.3% on a year-over-year basis. On average, equities analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 25,000 shares of the firm’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $355.47, for a total transaction of $8,886,750.00. Following the sale, the chief executive officer owned 526 shares of the company’s stock, valued at $186,977.22. This trade represents a 97.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul Grewal sold 15,439 shares of the firm’s stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $310.80, for a total value of $4,798,441.20. Following 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 205,657 shares of company stock worth $67,479,576. Insiders own 23.43% 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.