Forum Financial Management LP Raises Holdings in Coinbase Global, Inc. $COIN

Forum Financial Management LP grew its position in Coinbase Global, Inc. (NASDAQ:COIN) by 14.1% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 2,159 shares of the cryptocurrency exchange’s stock after purchasing an additional 266 shares during the quarter. Forum Financial Management LP’s holdings in Coinbase Global were worth $757,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Ethic Inc. lifted its holdings in shares of Coinbase Global by 67.6% in the 2nd quarter. Ethic Inc. now owns 17,555 shares of the cryptocurrency exchange’s stock worth $6,205,000 after buying an additional 7,079 shares during the period. Brookstone Capital Management lifted its holdings in shares of Coinbase Global by 3.9% in the 2nd quarter. Brookstone Capital Management now owns 2,368 shares of the cryptocurrency exchange’s stock worth $830,000 after buying an additional 89 shares during the period. FNY Investment Advisers LLC purchased a new stake in shares of Coinbase Global during the 2nd quarter worth $657,000. D.A. Davidson & CO. lifted its stake in shares of Coinbase Global by 8.4% during the 2nd quarter. D.A. Davidson & CO. now owns 15,996 shares of the cryptocurrency exchange’s stock worth $5,606,000 after purchasing an additional 1,239 shares during the last quarter. Finally, Cullen Frost Bankers Inc. purchased a new stake in shares of Coinbase Global during the 2nd quarter worth $30,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on COIN shares. Wall Street Zen upgraded Coinbase Global from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Rothschild & Co Redburn upgraded Coinbase Global from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $325.00 to $417.00 in a research note on Friday, October 3rd. Piper Sandler restated a “neutral” rating and set a $350.00 price objective on shares of Coinbase Global in a research note on Thursday, July 31st. The Goldman Sachs Group upped their price objective on Coinbase Global from $363.00 to $385.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Finally, Argus initiated coverage on Coinbase Global in a research note on Monday, July 14th. They set a “buy” rating and a $400.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $376.09.

Coinbase Global Trading Up 0.8%

Coinbase Global stock opened at $322.76 on Friday. The stock has a 50-day moving average of $328.89 and a two-hundred day moving average of $297.17. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64. The stock has a market cap of $82.93 billion, a PE ratio of 31.21 and a beta of 3.68.

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

Insider Activity

In related news, 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 transaction of $4,798,441.20. Following the sale, the insider directly owned 82,328 shares of the company’s stock, valued at $25,587,542.40. This trade represents a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Lawrence J. Brock sold 5,903 shares of the firm’s stock in a transaction dated 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 sale, the insider directly owned 478 shares in the company, valued at approximately $148,834.86. This trade represents a 92.51% 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 valued at $67,479,576. Company insiders own 17.65% of the company’s stock.

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.