Optas LLC Decreases Holdings in Coinbase Global, Inc. $COIN

Optas LLC decreased its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 27.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,239 shares of the cryptocurrency exchange’s stock after selling 3,557 shares during the quarter. Coinbase Global accounts for about 0.6% of Optas LLC’s holdings, making the stock its 29th biggest position. Optas LLC’s holdings in Coinbase Global were worth $3,238,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Envestnet Asset Management Inc. boosted its stake in shares of Coinbase Global by 24.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange’s stock worth $8,861,000 after acquiring an additional 9,952 shares in the last quarter. Amalgamated Bank lifted its stake in Coinbase Global by 4.8% in the 1st quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange’s stock valued at $2,368,000 after buying an additional 629 shares in the last quarter. Kera Capital Partners Inc. lifted its stake in Coinbase Global by 3.0% in the 2nd quarter. Kera Capital Partners Inc. now owns 36,960 shares of the cryptocurrency exchange’s stock valued at $12,954,000 after buying an additional 1,085 shares in the last quarter. Parallel Advisors LLC lifted its stake in Coinbase Global by 102.6% in the 2nd quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange’s stock valued at $3,738,000 after buying an additional 5,402 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Coinbase Global by 8.1% in the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange’s stock valued at $193,000 after buying an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Up 3.1%

Shares of NASDAQ COIN opened at $387.27 on Thursday. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The company has a market cap of $99.51 billion, a P/E ratio of 37.45 and a beta of 3.68. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The stock has a fifty day moving average price of $324.03 and a 200 day moving average price of $284.83.

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

Insider Transactions at Coinbase Global

In other news, CEO Brian Armstrong sold 198,300 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the transaction, the chief executive officer owned 526 shares of the company’s stock, valued at approximately $209,279.62. This trade represents a 99.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Grewal sold 15,439 shares of the stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the transaction, the insider directly owned 82,328 shares in the company, valued at $25,587,542.40. The trade was a 15.79% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 749,515 shares of company stock valued at $284,392,325. 17.65% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on COIN. William Blair began coverage on Coinbase Global in a research note on Wednesday, June 11th. They issued an “outperform” rating on the stock. JMP Securities upped their target price on Coinbase Global from $400.00 to $440.00 and gave the company a “market outperform” rating in a research note on Monday, July 14th. Needham & Company LLC boosted their price target on Coinbase Global from $270.00 to $400.00 and gave the company a “buy” rating in a report on Friday, August 1st. Redburn Partners set a $417.00 price target on Coinbase Global in a report on Friday, October 3rd. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $470.00 price target on shares of Coinbase Global in a report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Coinbase Global has an average rating of “Moderate Buy” and an average price target of $367.12.

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.