ICONIQ Capital LLC Has $34.27 Million Stake in Coinbase Global, Inc. $COIN

ICONIQ Capital LLC increased its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 4.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 97,767 shares of the cryptocurrency exchange’s stock after purchasing an additional 4,296 shares during the quarter. Coinbase Global makes up 0.6% of ICONIQ Capital LLC’s investment portfolio, making the stock its 17th largest holding. ICONIQ Capital LLC’s holdings in Coinbase Global were worth $34,266,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Coinbase Global by 25.5% in the second quarter. Vanguard Group Inc. now owns 24,208,863 shares of the cryptocurrency exchange’s stock worth $8,484,964,000 after buying an additional 4,914,407 shares during the last quarter. Geode Capital Management LLC raised its holdings in Coinbase Global by 46.1% in the 2nd quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange’s stock worth $1,940,805,000 after acquiring an additional 1,755,146 shares during the period. Groupama Asset Managment lifted its position in Coinbase Global by 100.0% during the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after acquiring an additional 1,500,000 shares during the last quarter. Norges Bank bought a new stake in Coinbase Global during the second quarter valued at about $1,044,354,000. Finally, Amundi grew its position in shares of Coinbase Global by 44.1% in the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock valued at $268,850,000 after purchasing an additional 481,786 shares during the last quarter. Institutional investors own 68.84% of the company’s stock.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $267.46 on Friday. The firm has a market cap of $72.12 billion, a P/E ratio of 23.14 and a beta of 3.69. The firm’s 50-day simple moving average is $306.99 and its 200-day simple moving average is $318.25. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.40 and a current ratio of 2.40.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 EPS for the quarter, topping the consensus estimate of $1.04 by $0.40. The business had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.77 billion. Coinbase Global had a return on equity of 15.70% and a net margin of 41.99%.Coinbase Global’s revenue was up 55.1% on a year-over-year basis. During the same quarter last year, the company earned $0.28 EPS. As a group, research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In other news, CEO Brian Armstrong sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $271.87, for a total transaction of $10,874,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 277,074 shares of the business’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $309.92, for a total value of $85,870,774.08. The disclosure for this sale is available in the SEC filing. Insiders sold 815,846 shares of company stock valued at $248,642,353 in the last ninety days. Insiders own 16.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on COIN. Rosenblatt Securities increased their price objective on Coinbase Global from $450.00 to $470.00 in a research report on Friday, October 31st. Compass Point reduced their price target on shares of Coinbase Global from $277.00 to $266.00 in a report on Friday, October 31st. Jefferies Financial Group restated a “hold” rating and set a $384.00 price objective on shares of Coinbase Global in a report on Wednesday, October 29th. Rothschild Redb raised shares of Coinbase Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Finally, JPMorgan Chase & Co. decreased their target price on Coinbase Global from $404.00 to $399.00 and set an “overweight” rating on the stock in a research report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Coinbase Global presently has a consensus rating of “Moderate Buy” and an average price target of $394.67.

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.