Eagle Asset Management Inc. Boosts Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Eagle Asset Management Inc. grew its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 46.5% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 375,600 shares of the cryptocurrency exchange’s stock after buying an additional 119,259 shares during the quarter. Eagle Asset Management Inc.’s holdings in Coinbase Global were worth $66,921,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Renaissance Technologies LLC lifted its position in Coinbase Global by 185.9% in the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after purchasing an additional 691,288 shares during the period. Canada Pension Plan Investment Board lifted its holdings in shares of Coinbase Global by 1,186.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock valued at $139,854,000 after buying an additional 486,512 shares during the period. American Century Companies Inc. boosted its stake in shares of Coinbase Global by 1,136.7% in the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after buying an additional 435,886 shares in the last quarter. APEIRON CAPITAL Ltd acquired a new position in Coinbase Global during the first quarter worth $108,434,000. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new position in Coinbase Global in the third quarter worth $29,756,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Down 7.6 %

Shares of NASDAQ COIN opened at $295.79 on Friday. The firm’s 50 day moving average price is $211.36 and its 200 day moving average price is $214.61. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $74.05 billion, a P/E ratio of 50.48 and a beta of 3.34. Coinbase Global, Inc. has a 1 year low of $103.36 and a 1 year high of $341.75.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. Coinbase Global’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.01) EPS. As a group, sell-side analysts anticipate that Coinbase Global, Inc. will post 4.27 earnings per share for the current year.

Insider Activity

In related news, insider Paul Grewal sold 16,962 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $206.96, for a total value of $3,510,455.52. Following the completion of the sale, the insider now directly owns 75,556 shares in the company, valued at approximately $15,637,069.76. The trade was a 18.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of Coinbase Global stock in a transaction on Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $172,528. This trade represents a 99.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 194,091 shares of company stock valued at $50,033,426 in the last 90 days. 23.43% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Needham & Company LLC boosted their target price on shares of Coinbase Global from $290.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday. HC Wainwright restated a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a research report on Tuesday, October 29th. Mizuho lifted their price target on shares of Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research report on Thursday, October 31st. B. Riley initiated coverage on Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price target on the stock. Finally, Bank of America lifted their price objective on Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Hold” and an average target price of $251.00.

Coinbase Global 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.