Stevens Capital Management LP Acquires New Position in Coinbase Global, Inc. $COIN

Stevens Capital Management LP acquired a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 2nd quarter, Holdings Channel reports. The fund acquired 21,465 shares of the cryptocurrency exchange’s stock, valued at approximately $7,523,000. Coinbase Global accounts for about 2.0% of Stevens Capital Management LP’s portfolio, making the stock its 8th largest holding.

A number of other institutional investors have also recently bought and sold shares of the stock. Cadent Capital Advisors LLC increased its holdings in shares of Coinbase Global by 1.0% during the 2nd 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. grew its holdings in Coinbase Global by 20.0% during the 2nd quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange’s stock valued at $68,000 after purchasing an additional 30 shares in the last quarter. Pettinga Financial Advisors LLC boosted its holdings in Coinbase Global by 2.6% in the second quarter. Pettinga Financial Advisors LLC now owns 1,321 shares of the cryptocurrency exchange’s stock valued at $463,000 after purchasing an additional 34 shares during the last quarter. Evelyn Partners Investment Management Europe Ltd grew its position in shares of Coinbase Global by 92.3% during the second quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock worth $29,000 after buying an additional 36 shares in the last quarter. Finally, Hemington Wealth Management increased its position in shares of Coinbase Global by 12.1% in the 2nd quarter. Hemington Wealth Management now owns 352 shares of the cryptocurrency exchange’s stock worth $123,000 after purchasing an additional 38 shares during the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

COIN has been the subject of several recent research reports. China Renaissance boosted their target price on shares of Coinbase Global from $444.60 to $479.30 in a research note on Monday, November 3rd. Wall Street Zen downgraded shares of Coinbase Global from a “hold” rating to a “sell” rating in a research report on Saturday. Mizuho upped their target price on Coinbase Global from $300.00 to $320.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Benchmark reissued a “buy” rating on shares of Coinbase Global in a report on Friday, October 31st. Finally, Barclays lowered their price objective on Coinbase Global from $361.00 to $357.00 and set an “equal weight” rating for the company in a research note on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Coinbase Global presently has a consensus rating of “Moderate Buy” and an average price target of $398.08.

Insider Activity at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 55,688 shares of the stock in a transaction on Monday, November 10th. The stock was sold at an average price of $321.81, for a total transaction of $17,920,955.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Emilie Choi sold 100,000 shares of Coinbase Global 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 transaction, the chief operating officer owned 187,802 shares in the company, valued at approximately $58,383,885.76. This trade represents a 34.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 755,171 shares of company stock valued at $234,838,249. 17.65% of the stock is currently owned by insiders.

Coinbase Global Trading Up 0.9%

Shares of COIN stock opened at $240.41 on Friday. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The firm has a market capitalization of $64.82 billion, a PE ratio of 20.80 and a beta of 3.67. The stock has a fifty day moving average of $327.03 and a two-hundred day moving average of $315.47. 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 quarterly earnings data on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share 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 net margin of 41.99% and a return on equity of 15.70%. The company’s quarterly revenue was up 55.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.28 earnings per share. As a group, research analysts expect 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.