Candriam S.C.A. Purchases 6,868 Shares of Coinbase Global, Inc. $COIN

Candriam S.C.A. increased its position in Coinbase Global, Inc. (NASDAQ:COIN) by 31.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 28,396 shares of the cryptocurrency exchange’s stock after purchasing an additional 6,868 shares during the period. Candriam S.C.A.’s holdings in Coinbase Global were worth $9,953,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in the business. Envestnet Asset Management Inc. raised its position in shares of Coinbase Global by 24.0% in the first quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange’s stock valued at $8,861,000 after purchasing an additional 9,952 shares during the period. Alps Advisors Inc. purchased a new position in Coinbase Global in the 1st quarter valued at approximately $327,000. Cerity Partners LLC raised its holdings in Coinbase Global by 14.7% during the 1st quarter. Cerity Partners LLC now owns 16,292 shares of the cryptocurrency exchange’s stock valued at $2,806,000 after acquiring an additional 2,088 shares during the period. CWM LLC lifted its position in shares of Coinbase Global by 14.1% during the first quarter. CWM LLC now owns 6,439 shares of the cryptocurrency exchange’s stock worth $1,109,000 after acquiring an additional 795 shares in the last quarter. Finally, Larson Financial Group LLC boosted its holdings in shares of Coinbase Global by 46.4% in the first quarter. Larson Financial Group LLC now owns 1,113 shares of the cryptocurrency exchange’s stock worth $192,000 after acquiring an additional 353 shares during the period. 68.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on COIN shares. Rothschild & Co Redburn upgraded Coinbase Global from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $325.00 to $417.00 in a research note on Friday, October 3rd. Barclays reduced their target price on Coinbase Global from $361.00 to $357.00 and set an “equal weight” rating for the company in a report on Friday, October 31st. Rosenblatt Securities raised their price objective on shares of Coinbase Global from $450.00 to $470.00 in a research report on Friday, October 31st. UBS Group set a $404.00 price objective on shares of Coinbase Global in a research note on Friday, October 24th. Finally, Monness Crespi & Hardt upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and set a $375.00 target price on the stock in a research note on Monday, November 10th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Coinbase Global has an average rating of “Moderate Buy” and a consensus price target of $399.94.

Insider Buying and Selling

In related news, Director Frederick Ernest Ehrsam III sold 277,074 shares of the stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $309.92, for a total value of $85,870,774.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $361.32, for a total value of $9,033,000.00. Following the sale, the chief executive officer directly owned 526 shares of the company’s stock, valued at approximately $190,054.32. This trade represents a 97.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 668,346 shares of company stock worth $211,487,225. Corporate insiders own 17.65% of the company’s stock.

Coinbase Global Stock Up 0.3%

COIN stock opened at $284.00 on Friday. The company’s 50 day moving average is $333.47 and its 200 day moving average is $313.75. The stock has a market cap of $76.58 billion, a price-to-earnings ratio of 24.57 and a beta of 3.67. The company has a current ratio of 2.40, a quick ratio of 2.40 and a debt-to-equity ratio of 0.37. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64.

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