E Fund Management Hong Kong Co. Ltd. Makes New Investment in Coinbase Global, Inc. $COIN

E Fund Management Hong Kong Co. Ltd. purchased a new position in Coinbase Global, Inc. (NASDAQ:COIN) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 206 shares of the cryptocurrency exchange’s stock, valued at approximately $72,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in COIN. Merit Financial Group LLC lifted its position in Coinbase Global by 50.2% during the 1st quarter. Merit Financial Group LLC now owns 1,949 shares of the cryptocurrency exchange’s stock worth $336,000 after acquiring an additional 651 shares during the last quarter. Miracle Mile Advisors LLC lifted its position in Coinbase Global by 21.7% during the 1st quarter. Miracle Mile Advisors LLC now owns 1,765 shares of the cryptocurrency exchange’s stock worth $304,000 after acquiring an additional 315 shares during the last quarter. Park Avenue Securities LLC lifted its position in Coinbase Global by 8.5% during the 1st quarter. Park Avenue Securities LLC now owns 3,599 shares of the cryptocurrency exchange’s stock worth $620,000 after acquiring an additional 282 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Coinbase Global by 44.2% during the 1st quarter. Farther Finance Advisors LLC now owns 1,390 shares of the cryptocurrency exchange’s stock worth $243,000 after acquiring an additional 426 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC lifted its position in Coinbase Global by 87.0% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 3,355 shares of the cryptocurrency exchange’s stock worth $578,000 after acquiring an additional 1,561 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on COIN. Citigroup boosted their target price on shares of Coinbase Global from $270.00 to $505.00 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. Monness Crespi & Hardt lowered shares of Coinbase Global from a “buy” rating to a “neutral” rating in a research report on Monday, July 28th. Wall Street Zen raised shares of Coinbase Global from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Compass Point reaffirmed a “sell” rating and set a $248.00 price objective (down previously from $330.00) on shares of Coinbase Global in a research report on Monday, August 4th. Finally, Bank of America cut their price objective on shares of Coinbase Global from $369.00 to $340.00 in a research report on Wednesday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $367.12.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $387.27 on Thursday. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $99.51 billion, a PE ratio of 37.45 and a beta of 3.68. The firm has a 50-day moving average price of $324.03 and a 200 day moving average price of $284.83.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $1.68 billion. During the same period last year, the company earned $0.14 EPS. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. Research analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Brian Armstrong sold 198,300 shares of the firm’s stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the sale, the chief executive officer owned 526 shares of the company’s stock, valued at approximately $209,279.62. This trade represents a 99.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Paul Grewal sold 15,439 shares of the firm’s stock in a transaction that occurred on 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 approximately $25,587,542.40. The trade was a 15.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold 749,515 shares of company stock valued at $284,392,325 in the last three months. 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.