Profund Advisors LLC Makes New Investment in Coinbase Global, Inc. $COIN

Profund Advisors LLC acquired a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 2,661 shares of the cryptocurrency exchange’s stock, valued at approximately $933,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Zions Bancorporation National Association UT acquired a new position in Coinbase Global in the second quarter worth approximately $67,000. DJE Kapital AG lifted its holdings in shares of Coinbase Global by 171.4% during the second quarter. DJE Kapital AG now owns 145,884 shares of the cryptocurrency exchange’s stock valued at $51,928,000 after purchasing an additional 92,126 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Coinbase Global by 141.8% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 403,368 shares of the cryptocurrency exchange’s stock worth $141,376,000 after purchasing an additional 236,525 shares in the last quarter. WIM INVESTMENT MANAGEMENT Ltd purchased a new stake in Coinbase Global during the second quarter valued at about $2,068,000. Finally, Parkside Financial Bank & Trust boosted its holdings in shares of Coinbase Global by 75.1% in the second quarter. Parkside Financial Bank & Trust now owns 401 shares of the cryptocurrency exchange’s stock worth $141,000 after buying an additional 172 shares during the period. 68.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

COIN has been the subject of several research analyst reports. Rothschild & Co Redburn upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and upped their price target for the company from $325.00 to $417.00 in a research report on Friday, October 3rd. JPMorgan Chase & Co. reduced their price objective on Coinbase Global from $404.00 to $399.00 and set an “overweight” rating for the company in a research note on Friday, October 31st. Barclays dropped their target price on Coinbase Global from $361.00 to $357.00 and set an “equal weight” rating on the stock in a report on Friday, October 31st. Piper Sandler restated a “neutral” rating and set a $350.00 price target on shares of Coinbase Global in a report on Thursday, July 31st. Finally, B. Riley increased their target price on shares of Coinbase Global from $185.00 to $243.00 and gave the stock a “neutral” rating in a research report on Monday, November 3rd. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $399.94.

Insider Transactions at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $345.88, for a total transaction of $3,458,800.00. Following the completion of the sale, the insider directly owned 82,328 shares of the company’s stock, valued at approximately $28,475,608.64. This represents a 10.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $337.49, for a total transaction of $8,437,250.00. Following the completion of the transaction, the chief executive officer owned 526 shares in the company, valued at $177,519.74. This trade represents a 97.94% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 487,658 shares of company stock worth $154,461,520. 23.43% of the stock is currently owned by company insiders.

Coinbase Global Stock Down 4.4%

Coinbase Global stock opened at $304.01 on Wednesday. The company has a current ratio of 2.40, a quick ratio of 2.40 and a debt-to-equity ratio of 0.37. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64. The firm’s fifty day simple moving average is $334.21 and its 200-day simple moving average is $313.48. The company has a market capitalization of $81.97 billion, a P/E ratio of 26.30 and a beta of 3.67.

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. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the business posted $0.28 earnings per share. The business’s quarterly revenue was up 55.1% on a year-over-year basis. Sell-side analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Coinbase Global 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.