Rede Wealth LLC Boosts Position in Coinbase Global, Inc. $COIN

Rede Wealth LLC increased its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 0.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,027 shares of the cryptocurrency exchange’s stock after purchasing an additional 50 shares during the quarter. Coinbase Global makes up approximately 0.5% of Rede Wealth LLC’s portfolio, making the stock its 19th biggest position. Rede Wealth LLC’s holdings in Coinbase Global were worth $1,382,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Coinbase Global by 4.8% during the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock worth $3,323,084,000 after buying an additional 875,359 shares during the period. ARK Investment Management LLC increased its position in Coinbase Global by 1.1% during the first quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange’s stock worth $528,592,000 after buying an additional 34,462 shares during the period. Groupama Asset Managment increased its position in Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after buying an additional 1,500,000 shares during the period. Northern Trust Corp increased its position in Coinbase Global by 0.6% during the first quarter. Northern Trust Corp now owns 1,302,433 shares of the cryptocurrency exchange’s stock worth $224,318,000 after buying an additional 7,675 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Coinbase Global by 29.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 979,129 shares of the cryptocurrency exchange’s stock worth $243,118,000 after buying an additional 222,789 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total value of $3,486,400.00. Following the sale, the insider directly owned 82,328 shares in the company, valued at $28,702,833.92. This represents a 10.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $326.71, for a total value of $8,167,750.00. Following the completion of the sale, the chief executive officer owned 526 shares in the company, valued at $171,849.46. This represents a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,185,704 shares of company stock worth $438,918,732. 17.65% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on COIN shares. JPMorgan Chase & Co. cut their price target on Coinbase Global from $276.00 to $215.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. William Blair began coverage on Coinbase Global in a report on Wednesday, June 11th. They issued an “outperform” rating on the stock. JMP Securities boosted their target price on Coinbase Global from $400.00 to $440.00 and gave the company a “market outperform” rating in a report on Monday, July 14th. Erste Group Bank began coverage on Coinbase Global in a report on Wednesday, July 23rd. They issued a “buy” rating on the stock. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $350.00 price objective on shares of Coinbase Global in a report on Thursday, July 31st. Thirteen investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $352.72.

Coinbase Global Trading Down 1.4%

Shares of COIN stock opened at $300.28 on Friday. The business’s fifty day moving average price is $344.45 and its 200 day moving average price is $261.85. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. The firm has a market capitalization of $77.15 billion, a PE ratio of 29.04 and a beta of 3.70. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.79). The firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.14 earnings per share. As a group, sell-side analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Coinbase Global Company 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.