Main Street Research LLC Acquires New Position in Coinbase Global, Inc. $COIN

Main Street Research LLC acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,550 shares of the cryptocurrency exchange’s stock, valued at approximately $543,000.

A number of other hedge funds have also recently added to or reduced their stakes in COIN. Groupama Asset Managment lifted its position in Coinbase Global by 100.0% in the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock valued at $516,690,000 after purchasing an additional 1,500,000 shares during the period. Vanguard Group Inc. lifted its position in shares of Coinbase Global by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock valued at $3,323,084,000 after acquiring an additional 875,359 shares during the period. Nuveen LLC acquired a new stake in shares of Coinbase Global during the 1st quarter valued at approximately $83,454,000. Amundi lifted its position in shares of Coinbase Global by 44.1% during the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock valued at $268,850,000 after acquiring an additional 481,786 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Coinbase Global by 2,647.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 198,526 shares of the cryptocurrency exchange’s stock valued at $66,572,000 after acquiring an additional 191,300 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.

Analyst Upgrades and Downgrades

COIN has been the subject of a number of research reports. B. Riley lifted their price target on shares of Coinbase Global from $185.00 to $243.00 and gave the company a “neutral” rating in a research report on Monday. Needham & Company LLC reiterated a “buy” rating and set a $400.00 price target on shares of Coinbase Global in a research report on Friday, October 31st. Rothschild & Co Redburn upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and lifted their price target for the company from $325.00 to $417.00 in a research report on Friday, October 3rd. Rothschild Redb upgraded shares of Coinbase Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Finally, Oppenheimer reiterated an “outperform” rating and set a $417.00 price target on shares of Coinbase Global in a research report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $393.98.

Insider Buying and Selling at Coinbase Global

In related news, insider Paul Grewal sold 15,439 shares of Coinbase Global stock in a transaction on Monday, August 25th. The shares were sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the sale, the insider owned 82,328 shares of the company’s stock, valued at $25,587,542.40. The trade was a 15.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Alesia J. Haas sold 4,675 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $322.24, for a total transaction of $1,506,472.00. Following the completion of the sale, the chief financial officer directly owned 89,220 shares of the company’s stock, valued at $28,750,252.80. The trade was a 4.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 180,657 shares of company stock worth $59,552,326. Insiders own 23.43% of the company’s stock.

Coinbase Global Trading Down 7.0%

Shares of COIN opened at $307.32 on Wednesday. The stock has a fifty day moving average of $333.90 and a two-hundred day moving average of $309.45. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.40 and a current ratio of 2.40. The company has a market capitalization of $78.96 billion, a PE ratio of 26.58 and a beta of 3.67. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64.

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

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.