Hubbell Strickland Wealth Management LLC Takes $249,000 Position in Coinbase Global, Inc. $COIN

Hubbell Strickland Wealth Management LLC bought a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the 2nd quarter, HoldingsChannel reports. The institutional investor bought 711 shares of the cryptocurrency exchange’s stock, valued at approximately $249,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Realta Investment Advisors raised its holdings in Coinbase Global by 4.2% in the second quarter. Realta Investment Advisors now owns 6,619 shares of the cryptocurrency exchange’s stock valued at $2,320,000 after acquiring an additional 267 shares in the last quarter. Berger Financial Group Inc grew its stake in shares of Coinbase Global by 3.1% during the second quarter. Berger Financial Group Inc now owns 1,648 shares of the cryptocurrency exchange’s stock worth $578,000 after purchasing an additional 50 shares in the last quarter. Clarius Group LLC acquired a new position in shares of Coinbase Global during the second quarter worth $396,000. NTV Asset Management LLC acquired a new position in shares of Coinbase Global during the second quarter worth $876,000. Finally, 111 Capital acquired a new position in shares of Coinbase Global during the second quarter worth $813,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Wall Street Analyst Weigh In

COIN has been the subject of a number of recent analyst reports. Citigroup lifted their price target on Coinbase Global from $270.00 to $505.00 and gave the stock a “buy” rating in a report on Tuesday, July 29th. Argus initiated coverage on Coinbase Global in a research report on Monday, July 14th. They set a “buy” rating and a $400.00 target price on the stock. Rothschild & Co Redburn upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and increased their price target for the company from $325.00 to $417.00 in a research note on Friday. Rosenblatt Securities reiterated a “buy” rating and issued a $470.00 price target on shares of Coinbase Global in a research note on Friday, August 1st. Finally, Needham & Company LLC upped their target price on shares of Coinbase Global from $270.00 to $400.00 and gave the company a “buy” rating in a report on Friday, August 1st. One investment 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 assigned a Sell rating to the company. Based on data from MarketBeat, Coinbase Global currently has an average rating of “Moderate Buy” and a consensus price target of $367.27.

Coinbase Global Stock Performance

Shares of COIN stock opened at $380.02 on Friday. The company has a market cap of $97.64 billion, a price-to-earnings ratio of 36.75 and a beta of 3.68. The stock has a 50 day simple moving average of $323.62 and a 200-day simple moving average of $281.47. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.

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

Insider Activity at Coinbase Global

In related news, CFO Alesia J. Haas sold 4,675 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $322.24, for a total value of $1,506,472.00. Following the completion of the sale, the chief financial officer owned 89,220 shares in the company, valued at $28,750,252.80. This trade represents a 4.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $304.52, for a total transaction of $3,045,200.00. Following the completion of the sale, the insider owned 82,328 shares of the company’s stock, valued at $25,070,522.56. This trade represents a 10.83% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 714,515 shares of company stock worth $272,046,775. 17.65% of the stock is currently owned by insiders.

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.