Main Street Research LLC Takes Position in Coinbase Global, Inc. $COIN

Main Street Research LLC purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 1,550 shares of the cryptocurrency exchange’s stock, valued at approximately $543,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. McClarren Financial Advisors Inc. bought a new stake in shares of Coinbase Global during the first quarter valued at approximately $30,000. Cullen Frost Bankers Inc. bought a new stake in shares of Coinbase Global in the 2nd quarter worth approximately $30,000. S Bank Fund Management Ltd bought a new stake in shares of Coinbase Global in the 1st quarter worth approximately $31,000. SouthState Corp raised its holdings in shares of Coinbase Global by 128.4% in the 1st quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange’s stock worth $32,000 after purchasing an additional 104 shares in the last quarter. Finally, City State Bank purchased a new stake in shares of Coinbase Global in the 2nd quarter valued at approximately $33,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Coinbase Global

In other news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $355.47, for a total value of $8,886,750.00. Following the sale, the chief executive officer directly owned 526 shares in the company, valued at $186,977.22. This trade represents a 97.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 15,439 shares of Coinbase Global stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the completion of the sale, the insider owned 82,328 shares in the company, valued at $25,587,542.40. This trade represents a 15.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 180,657 shares of company stock worth $59,552,326. Corporate insiders own 23.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on COIN shares. Bank of America decreased their price objective on shares of Coinbase Global from $369.00 to $340.00 in a research note on Wednesday, October 1st. Oppenheimer restated an “outperform” rating and set a $417.00 price target on shares of Coinbase Global in a research note on Thursday, July 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Coinbase Global in a report on Tuesday, October 14th. Jefferies Financial Group reaffirmed a “hold” rating and set a $384.00 price objective on shares of Coinbase Global in a report on Wednesday, October 29th. Finally, Erste Group Bank began coverage on Coinbase Global in a research report on Wednesday, July 23rd. They set a “buy” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $393.98.

Coinbase Global Trading Down 7.0%

COIN opened at $307.32 on Wednesday. The company has a current ratio of 2.40, a quick ratio of 2.40 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $78.96 billion, a PE ratio of 26.58 and a beta of 3.67. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64. The firm has a 50-day moving average price of $333.90 and a two-hundred day moving average price of $309.45.

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