FNY Investment Advisers LLC Makes New $657,000 Investment in Coinbase Global, Inc. $COIN

FNY Investment Advisers LLC purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the second quarter, Holdings Channel.com reports. The firm purchased 1,877 shares of the cryptocurrency exchange’s stock, valued at approximately $657,000.

A number of other institutional investors and hedge funds have also made changes to their positions in COIN. Groupama Asset Managment increased its holdings in shares of Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock valued at $516,690,000 after acquiring an additional 1,500,000 shares during the period. Vanguard Group Inc. boosted 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 worth $3,323,084,000 after purchasing an additional 875,359 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Coinbase Global in the 1st quarter worth $83,454,000. Amundi lifted its position 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 acquiring an additional 481,786 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in Coinbase Global by 2,647.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 198,526 shares of the cryptocurrency exchange’s stock worth $66,572,000 after acquiring an additional 191,300 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Price Performance

NASDAQ:COIN opened at $338.62 on Wednesday. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The stock has a 50 day moving average of $329.07 and a two-hundred day moving average of $295.86. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The firm has a market cap of $87.01 billion, a P/E ratio of 32.75 and a beta of 3.68.

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

Insider Activity at Coinbase Global

In related news, insider Lawrence J. Brock sold 5,903 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $311.37, for a total value of $1,838,017.11. Following the transaction, the insider directly owned 478 shares in the company, valued at approximately $148,834.86. This represents a 92.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $322.28, for a total value of $8,057,000.00. Following the transaction, the chief executive officer owned 526 shares in the company, valued at $169,519.28. This trade represents a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 205,657 shares of company stock worth $67,479,576. Insiders own 23.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. BTIG Research began coverage on Coinbase Global in a research report on Wednesday, October 1st. They set a “buy” rating and a $410.00 price target for the company. Keefe, Bruyette & Woods reduced their price objective on Coinbase Global from $355.00 to $335.00 and set a “market perform” rating for the company in a research note on Monday, August 4th. Williams Trading set a $405.00 price objective on Coinbase Global in a research note on Thursday, July 31st. Canaccord Genuity Group reiterated a “buy” rating and set a $400.00 price objective on shares of Coinbase Global in a research note on Friday, August 1st. Finally, Piper Sandler reiterated a “neutral” rating and set a $350.00 price objective on shares of Coinbase Global in a research note on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $369.01.

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.