Prudential PLC Buys 4,052 Shares of Coinbase Global, Inc. $COIN

Prudential PLC lifted its position in Coinbase Global, Inc. (NASDAQ:COIN) by 152.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 6,710 shares of the cryptocurrency exchange’s stock after purchasing an additional 4,052 shares during the quarter. Prudential PLC’s holdings in Coinbase Global were worth $2,352,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Cadent Capital Advisors LLC grew its stake in Coinbase Global by 1.0% during the second quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange’s stock worth $1,108,000 after buying an additional 30 shares during the last quarter. Ameriflex Group Inc. boosted its holdings in shares of Coinbase Global by 20.0% in the 2nd quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange’s stock worth $68,000 after acquiring an additional 30 shares in the last quarter. Pettinga Financial Advisors LLC boosted its holdings in shares of Coinbase Global by 2.6% in the 2nd quarter. Pettinga Financial Advisors LLC now owns 1,321 shares of the cryptocurrency exchange’s stock worth $463,000 after acquiring an additional 34 shares in the last quarter. Hemington Wealth Management grew its position in Coinbase Global by 12.1% during the 2nd quarter. Hemington Wealth Management now owns 352 shares of the cryptocurrency exchange’s stock worth $123,000 after acquiring an additional 38 shares during the last quarter. Finally, Capital Advisors Ltd. LLC grew its position in Coinbase Global by 13.7% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 323 shares of the cryptocurrency exchange’s stock worth $113,000 after acquiring an additional 39 shares during the last quarter. 68.84% of the stock is owned by institutional investors.

Coinbase Global Trading Up 0.9%

COIN stock opened at $240.41 on Friday. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64. The stock has a market cap of $64.83 billion, a price-to-earnings ratio of 20.80 and a beta of 3.67. The company has a fifty day moving average price of $327.03 and a two-hundred day moving average price of $316.29. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.40 and a quick ratio of 2.40.

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

Analysts Set New Price Targets

COIN has been the topic of several research analyst reports. HC Wainwright upgraded Coinbase Global from a “sell” rating to a “buy” rating and increased their target price for the stock from $300.00 to $425.00 in a report on Thursday, October 30th. Jefferies Financial Group reaffirmed a “hold” rating and set a $384.00 price target on shares of Coinbase Global in a research report on Wednesday, October 29th. Barclays dropped their price objective on Coinbase Global from $361.00 to $357.00 and set an “equal weight” rating on the stock in a research note on Friday, October 31st. UBS Group set a $404.00 target price on shares of Coinbase Global in a research note on Friday, October 24th. Finally, Wall Street Zen lowered shares of Coinbase Global from a “hold” rating to a “sell” rating in a research report on Saturday. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, ten have given a Hold rating and one has given 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 $398.08.

Insider Activity at Coinbase Global

In related news, CEO Brian Armstrong sold 40,000 shares of Coinbase Global stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $271.87, for a total transaction of $10,874,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Emilie Choi sold 100,000 shares of the business’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $310.88, for a total value of $31,088,000.00. Following the completion of the sale, the chief operating officer owned 187,802 shares of the company’s stock, valued at $58,383,885.76. This trade represents a 34.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 755,171 shares of company stock valued at $234,838,249. 17.65% of the stock is currently owned by insiders.

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.