HBK Sorce Advisory LLC Makes New Investment in Coinbase Global, Inc. $COIN

HBK Sorce Advisory LLC purchased a new position in Coinbase Global, Inc. (NASDAQ:COIN) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,247 shares of the cryptocurrency exchange’s stock, valued at approximately $437,000.

A number of other large investors have also added to or reduced their stakes in COIN. Bessemer Group Inc. grew its holdings in Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock worth $26,000 after acquiring an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. purchased a new stake in shares of Coinbase Global in the 1st quarter worth about $30,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Coinbase Global in the 2nd quarter worth about $30,000. S Bank Fund Management Ltd purchased a new stake in shares of Coinbase Global in the 1st quarter worth about $31,000. Finally, SouthState Corp lifted its position in shares of Coinbase Global by 128.4% in the 1st quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange’s stock worth $32,000 after purchasing an additional 104 shares during the period. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Trading Up 4.6%

Shares of NASDAQ COIN opened at $343.78 on Friday. 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 29.74 and a beta of 3.68. The firm has a 50-day moving average of $333.43 and a 200 day moving average of $305.57. 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 (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.40. Coinbase Global had a net margin of 41.99% and a return on equity of 17.52%. The company had revenue of $1.87 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same period last year, the company posted $0.28 EPS. Coinbase Global’s revenue was up 55.1% on a year-over-year basis. As a group, sell-side analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Analysts Set New Price Targets

COIN has been the subject of several research analyst reports. Piper Sandler reaffirmed a “neutral” rating and issued a $350.00 target price on shares of Coinbase Global in a research report on Thursday, July 31st. Wall Street Zen raised shares of Coinbase Global from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. JPMorgan Chase & Co. dropped their target price on shares of Coinbase Global from $404.00 to $399.00 and set an “overweight” rating for the company in a research report on Friday. Compass Point raised their target price on shares of Coinbase Global from $248.00 to $277.00 and gave the stock a “sell” rating in a research report on Monday, October 20th. Finally, Argus initiated coverage on shares of Coinbase Global in a research report on Monday, July 14th. They issued a “buy” rating and a $400.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Coinbase Global has a consensus rating of “Moderate Buy” and an average price target of $398.58.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $355.47, for a total value of $8,886,750.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares of the company’s stock, valued at approximately $186,977.22. The trade was a 97.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Grewal sold 15,439 shares of Coinbase Global 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 completion of the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 205,657 shares of company stock valued at $67,479,576. Insiders own 17.65% of the company’s stock.

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.