Coinbase Global, Inc. (NASDAQ:COIN) Stake Increased by Steph & Co.

Steph & Co. grew its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 69.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 598 shares of the cryptocurrency exchange’s stock after purchasing an additional 246 shares during the period. Steph & Co.’s holdings in Coinbase Global were worth $103,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Archford Capital Strategies LLC purchased a new stake in shares of Coinbase Global in the first quarter valued at $353,000. Econ Financial Services Corp acquired a new position in shares of Coinbase Global in the first quarter worth $220,000. Syquant Capital Sas acquired a new position in shares of Coinbase Global in the first quarter worth $930,000. Lazari Capital Management Inc. acquired a new position in shares of Coinbase Global in the first quarter worth $254,000. Finally, Asset Management One Co. Ltd. increased its stake in shares of Coinbase Global by 5.5% in the first quarter. Asset Management One Co. Ltd. now owns 73,643 shares of the cryptocurrency exchange’s stock worth $12,684,000 after acquiring an additional 3,818 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Trading Up 3.1%

Shares of NASDAQ:COIN opened at $355.37 on Thursday. The company has a market cap of $90.22 billion, a P/E ratio of 66.55, a P/E/G ratio of 25.22 and a beta of 3.61. The stock’s 50-day moving average is $242.10 and its 200-day moving average is $241.14. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $369.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). The business had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The company’s revenue for the quarter was up 24.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.53 earnings per share. Equities research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity

In related news, CFO Alesia J. Haas sold 7,575 shares of the stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $200.00, for a total value of $1,515,000.00. Following the completion of the sale, the chief financial officer now owns 107,291 shares in the company, valued at approximately $21,458,200. This trade represents a 6.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 15,000 shares of the stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $178.79, for a total transaction of $2,681,850.00. Following the completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $94,043.54. The trade was a 96.61% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 212,915 shares of company stock valued at $48,349,215. 17.65% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on COIN. William Blair began coverage on shares of Coinbase Global in a research note on Wednesday, June 11th. They issued an “outperform” rating on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $300.00 price target on shares of Coinbase Global in a research note on Monday, June 16th. Keefe, Bruyette & Woods upped their price target on shares of Coinbase Global from $183.00 to $205.00 and gave the stock a “market perform” rating in a research note on Friday, May 9th. Cantor Fitzgerald initiated coverage on shares of Coinbase Global in a research note on Tuesday, April 8th. They issued an “overweight” rating and a $245.00 price target on the stock. Finally, Jefferies Financial Group reissued a “hold” rating and set a $260.00 target price (up from $210.00) on shares of Coinbase Global in a research report on Tuesday, May 27th. Eleven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $286.42.

Coinbase Global Company 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.