KG&L Capital Management LLC Makes New $3.73 Million Investment in Coinbase Global, Inc. $COIN

KG&L Capital Management LLC acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 11,037 shares of the cryptocurrency exchange’s stock, valued at approximately $3,725,000. Coinbase Global makes up 1.0% of KG&L Capital Management LLC’s investment portfolio, making the stock its 24th biggest position.

Several other institutional investors have also modified their holdings of COIN. Vanguard Group Inc. raised its stake in Coinbase Global by 25.5% in the second quarter. Vanguard Group Inc. now owns 24,208,863 shares of the cryptocurrency exchange’s stock valued at $8,484,964,000 after buying an additional 4,914,407 shares in the last quarter. Norges Bank purchased a new position in shares of Coinbase Global in the 2nd quarter valued at about $1,044,354,000. Geode Capital Management LLC increased its holdings in shares of Coinbase Global by 46.1% in the 2nd quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange’s stock valued at $1,940,805,000 after acquiring an additional 1,755,146 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Coinbase Global by 53.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,455,916 shares of the cryptocurrency exchange’s stock worth $510,284,000 after acquiring an additional 504,068 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in Coinbase Global by 1,647.1% during the third quarter. Assenagon Asset Management S.A. now owns 507,318 shares of the cryptocurrency exchange’s stock worth $171,215,000 after purchasing an additional 478,281 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on COIN. JPMorgan Chase & Co. lowered their price target on Coinbase Global from $404.00 to $399.00 and set an “overweight” rating for the company in a report on Friday, October 31st. Erste Group Bank downgraded shares of Coinbase Global from a “buy” rating to a “hold” rating in a research report on Thursday, November 20th. B. Riley increased their target price on shares of Coinbase Global from $185.00 to $243.00 and gave the company a “neutral” rating in a research report on Monday, November 3rd. Rothschild Redb raised shares of Coinbase Global from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Finally, Needham & Company LLC dropped their price objective on Coinbase Global from $400.00 to $290.00 and set a “buy” rating on the stock in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $380.18.

Coinbase Global Stock Up 4.6%

COIN stock opened at $236.53 on Monday. The stock has a market capitalization of $63.78 billion, a PE ratio of 20.46 and a beta of 3.70. The company has a fifty day moving average of $273.35 and a 200-day moving average of $317.54. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.40 and a current ratio of 2.40. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 EPS for the quarter, beating the consensus estimate 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 return on equity of 15.70% and a net margin of 41.99%.The company’s quarterly revenue was up 55.1% compared to the same quarter last year. During the same period last year, the firm earned $0.28 EPS. As a group, analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Activity at Coinbase Global

In related news, CFO Alesia J. Haas sold 5,633 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $266.49, for a total transaction of $1,501,138.17. Following the sale, the chief financial officer owned 78,714 shares of the company’s stock, valued at approximately $20,976,493.86. The trade was a 6.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian Armstrong sold 40,000 shares of the company’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $250.15, for a total transaction of $10,006,000.00. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 798,179 shares of company stock valued at $238,493,645 over the last 90 days. Company insiders own 16.56% of the company’s stock.

Coinbase Global Profile

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.