BOCHK Asset Management Ltd Invests $1.21 Million in Coinbase Global, Inc. $COIN

BOCHK Asset Management Ltd acquired a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,450 shares of the cryptocurrency exchange’s stock, valued at approximately $1,209,000. Coinbase Global comprises about 0.4% of BOCHK Asset Management Ltd’s investment portfolio, making the stock its 9th biggest position.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Coinbase Global by 4.8% during the first 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 during the last quarter. ARK Investment Management LLC boosted its holdings in shares of Coinbase Global by 1.1% during the first quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange’s stock worth $528,592,000 after purchasing an additional 34,462 shares during the last quarter. Groupama Asset Managment boosted its holdings in shares of Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after purchasing an additional 1,500,000 shares during the last quarter. Amundi boosted its holdings in shares of Coinbase Global by 44.1% during the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock worth $268,850,000 after purchasing an additional 481,786 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Coinbase Global by 0.6% during the first quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange’s stock worth $224,318,000 after purchasing an additional 7,675 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $322.28, for a total transaction of $8,057,000.00. Following the sale, the chief executive officer directly owned 526 shares of the company’s stock, valued at approximately $169,519.28. The trade was a 97.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alesia J. Haas sold 4,675 shares of Coinbase Global stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $322.24, for a total value of $1,506,472.00. Following the sale, the chief financial officer directly owned 89,220 shares in the company, valued at approximately $28,750,252.80. The trade was a 4.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 714,515 shares of company stock valued at $272,046,775. Company insiders own 17.65% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Benchmark lifted their target price on Coinbase Global from $301.00 to $421.00 and gave the company a “buy” rating in a report on Monday, June 23rd. China Renaissance assumed coverage on Coinbase Global in a report on Tuesday, June 17th. They issued a “buy” rating and a $353.30 target price on the stock. Jefferies Financial Group lifted their target price on Coinbase Global from $260.00 to $405.00 and gave the company a “hold” rating in a report on Tuesday, July 29th. Wall Street Zen upgraded Coinbase Global from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Finally, HC Wainwright reiterated a “sell” rating and issued a $300.00 target price on shares of Coinbase Global in a report on Friday, August 1st. Fourteen research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $358.33.

Coinbase Global Trading Up 2.6%

NASDAQ:COIN opened at $346.17 on Thursday. The business’s 50-day moving average is $324.34 and its two-hundred day moving average is $278.20. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The firm has a market capitalization of $88.94 billion, a PE ratio of 33.48 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN) last released 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). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same period last year, the business earned $0.14 earnings per share. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. Research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

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.