Prudential Financial Inc. Grows Stock Position in Coinbase Global, Inc. $COIN

Prudential Financial Inc. lifted its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 1,335.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 122,044 shares of the cryptocurrency exchange’s stock after buying an additional 113,541 shares during the period. Prudential Financial Inc.’s holdings in Coinbase Global were worth $42,775,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the business. Cadent Capital Advisors LLC raised its position in Coinbase Global by 1.0% in the second quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange’s stock worth $1,108,000 after acquiring an additional 30 shares during the period. Ameriflex Group Inc. grew its position in shares of Coinbase Global by 20.0% during the 2nd quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange’s stock valued at $68,000 after acquiring an additional 30 shares during the period. Pettinga Financial Advisors LLC increased its stake in shares of Coinbase Global by 2.6% in the 2nd quarter. Pettinga Financial Advisors LLC now owns 1,321 shares of the cryptocurrency exchange’s stock worth $463,000 after purchasing an additional 34 shares in the last quarter. Evelyn Partners Investment Management Europe Ltd raised its holdings in Coinbase Global by 92.3% in the 2nd quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock worth $29,000 after purchasing an additional 36 shares during the period. Finally, Hemington Wealth Management raised its holdings in Coinbase Global by 12.1% in the 2nd quarter. Hemington Wealth Management now owns 352 shares of the cryptocurrency exchange’s stock worth $123,000 after purchasing an additional 38 shares during the period. 68.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

COIN has been the subject of a number of analyst reports. Rosenblatt Securities upped their price target on Coinbase Global from $450.00 to $470.00 in a research report on Friday, October 31st. Bank of America cut their price objective on Coinbase Global from $369.00 to $340.00 in a research note on Wednesday, October 1st. Monness Crespi & Hardt raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and set a $375.00 target price for the company in a report on Monday, November 10th. Williams Trading set a $405.00 price target on shares of Coinbase Global in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. dropped their price target on shares of Coinbase Global from $404.00 to $399.00 and set an “overweight” rating for the company in a research report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Coinbase Global presently has an average rating of “Moderate Buy” and an average target price of $398.08.

Insider Buying and Selling

In other Coinbase Global news, CEO Brian Armstrong sold 40,000 shares of the business’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $271.87, for a total value of $10,874,800.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Emilie Choi sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $310.88, for a total value of $31,088,000.00. Following the transaction, the chief operating officer owned 187,802 shares of the company’s stock, valued at approximately $58,383,885.76. The trade was a 34.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 743,351 shares of company stock worth $230,981,594 in the last 90 days. 23.43% of the stock is owned by company insiders.

Coinbase Global Trading Up 6.5%

COIN stock opened at $255.97 on Tuesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.40 and a quick ratio of 2.40. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64. The business has a 50 day simple moving average of $325.61 and a two-hundred day simple moving average of $317.48. The company has a market capitalization of $69.02 billion, a price-to-earnings ratio of 22.14 and a beta of 3.67.

Coinbase Global (NASDAQ:COIN) last released its 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 firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the firm earned $0.28 earnings per share. The company’s quarterly revenue was up 55.1% compared to the same quarter last year. Research analysts anticipate 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.