PDS Planning Inc Invests $311,000 in Coinbase Global, Inc. $COIN

PDS Planning Inc acquired a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 886 shares of the cryptocurrency exchange’s stock, valued at approximately $311,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in COIN. Farther Finance Advisors LLC increased its stake in Coinbase Global by 44.2% during the 1st quarter. Farther Finance Advisors LLC now owns 1,390 shares of the cryptocurrency exchange’s stock worth $243,000 after acquiring an additional 426 shares during the period. GAMMA Investing LLC grew its holdings in shares of Coinbase Global by 8.1% during the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange’s stock worth $193,000 after purchasing an additional 84 shares in the last quarter. CX Institutional acquired a new stake in shares of Coinbase Global during the 1st quarter worth $85,000. Elevation Point Wealth Partners LLC grew its holdings in shares of Coinbase Global by 71.1% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 2,358 shares of the cryptocurrency exchange’s stock worth $406,000 after purchasing an additional 980 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Coinbase Global by 40.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,852 shares of the cryptocurrency exchange’s stock worth $2,213,000 after purchasing an additional 3,695 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Stock Down 7.7%

Shares of NASDAQ:COIN opened at $357.01 on Monday. The company has a fifty day moving average of $325.06 and a 200-day moving average of $288.49. The company has a market capitalization of $91.73 billion, a PE ratio of 34.53 and a beta of 3.68. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $444.64.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.79). The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the company posted $0.14 earnings per share. On average, equities analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other news, CEO Brian Armstrong sold 198,300 shares of the company’s stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares in the company, valued at approximately $209,279.62. This represents a 99.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Grewal sold 15,439 shares of the company’s stock in a transaction on Monday, August 25th. The stock was sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the transaction, the insider owned 82,328 shares of the company’s stock, valued at $25,587,542.40. This trade represents a 15.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 556,321 shares of company stock valued at $208,110,150 over the last quarter. Company insiders own 23.43% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on COIN. Benchmark increased their target price on Coinbase Global from $301.00 to $421.00 and gave the stock a “buy” rating in a report on Monday, June 23rd. Rothschild Redb raised Coinbase Global from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. Rothschild & Co Redburn raised Coinbase Global from a “neutral” rating to a “buy” rating and increased their target price for the stock from $325.00 to $417.00 in a report on Friday, October 3rd. Redburn Partners set a $417.00 price objective on shares of Coinbase Global in a research report on Friday, October 3rd. Finally, HC Wainwright restated a “sell” rating and set a $300.00 price objective on shares of Coinbase Global in a research report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $367.12.

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.