Logan Capital Management Inc. Decreases Holdings in Coinbase Global, Inc. $COIN

Logan Capital Management Inc. reduced its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 11.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,867 shares of the cryptocurrency exchange’s stock after selling 5,284 shares during the period. Logan Capital Management Inc.’s holdings in Coinbase Global were worth $15,024,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Groupama Asset Managment boosted its position in shares of Coinbase Global by 100.0% in 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. Vanguard Group Inc. lifted its holdings in Coinbase Global by 4.8% in the 1st 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 in the last quarter. Nuveen LLC purchased a new position in Coinbase Global in the first quarter valued at about $83,454,000. Amundi grew its stake in Coinbase Global by 44.1% during the 1st quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock valued at $268,850,000 after purchasing an additional 481,786 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in Coinbase Global by 2,647.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 198,526 shares of the cryptocurrency exchange’s stock valued at $66,572,000 after purchasing an additional 191,300 shares in the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on COIN. Argus assumed coverage on Coinbase Global in a research report on Monday, July 14th. They issued a “buy” rating and a $400.00 target price on the stock. UBS Group set a $404.00 price objective on shares of Coinbase Global in a research note on Friday. Wall Street Zen raised shares of Coinbase Global from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Rothschild Redb upgraded Coinbase Global from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Finally, Mizuho set a $300.00 target price on Coinbase Global in a research report on Thursday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $384.12.

Coinbase Global Stock Performance

Shares of COIN opened at $361.43 on Tuesday. The firm has a market capitalization of $92.87 billion, a PE ratio of 34.95 and a beta of 3.68. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The firm has a 50-day moving average price of $330.44 and a 200 day moving average price of $301.73. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $444.64.

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

Insider Activity

In other news, CEO Brian Armstrong sold 25,000 shares of the business’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $355.47, for a total value of $8,886,750.00. Following the sale, the chief executive officer owned 526 shares of the company’s stock, valued at approximately $186,977.22. The trade was a 97.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lawrence J. Brock sold 5,903 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $311.37, for a total value of $1,838,017.11. Following the transaction, the insider directly owned 478 shares of the company’s stock, valued at $148,834.86. This represents a 92.51% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 205,657 shares of company stock worth $67,479,576. 23.43% of the stock is owned by company 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.