Apollon Wealth Management LLC Acquires New Stake in Coinbase Global, Inc. $COIN

Apollon Wealth Management LLC acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 593 shares of the cryptocurrency exchange’s stock, valued at approximately $208,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Hemington Wealth Management increased its holdings in Coinbase Global by 12.1% in the second quarter. Hemington Wealth Management now owns 352 shares of the cryptocurrency exchange’s stock valued at $123,000 after purchasing an additional 38 shares during the period. Fifth Third Wealth Advisors LLC acquired a new stake in Coinbase Global in the second quarter valued at $531,000. Aberdeen Group plc increased its holdings in Coinbase Global by 65.0% in the second quarter. Aberdeen Group plc now owns 49,220 shares of the cryptocurrency exchange’s stock valued at $17,251,000 after purchasing an additional 19,395 shares during the period. PDS Planning Inc acquired a new stake in Coinbase Global in the second quarter valued at $311,000. Finally, Blue Trust Inc. increased its holdings in Coinbase Global by 44.6% in the second quarter. Blue Trust Inc. now owns 564 shares of the cryptocurrency exchange’s stock valued at $198,000 after purchasing an additional 174 shares during the period. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

COIN has been the subject of a number of recent research reports. BTIG Research initiated coverage on Coinbase Global in a report on Wednesday, October 1st. They issued a “buy” rating and a $410.00 price objective for the company. Argus began coverage on Coinbase Global in a report on Monday, July 14th. They set a “buy” rating and a $400.00 price target for the company. Benchmark increased their price target on Coinbase Global from $301.00 to $421.00 and gave the stock a “buy” rating in a report on Monday, June 23rd. Williams Trading set a $405.00 price target on Coinbase Global in a report on Thursday, July 31st. Finally, HC Wainwright reiterated a “sell” rating and set a $300.00 price target on shares of Coinbase Global in a report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Moderate Buy” and an average price target of $367.94.

Coinbase Global Stock Performance

Shares of COIN opened at $336.02 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. The stock has a 50-day moving average of $328.26 and a 200-day moving average of $294.28. The company has a market cap of $86.34 billion, a PE ratio of 32.50 and a beta of 3.68. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64.

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

Insider Activity

In other news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $345.88, for a total value of $3,458,800.00. Following the completion of the sale, the insider directly owned 82,328 shares in the company, valued at $28,475,608.64. This trade represents a 10.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Brian Armstrong sold 25,000 shares of the firm’s stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $361.32, for a total value of $9,033,000.00. Following the completion of the sale, the chief executive officer owned 526 shares of the company’s stock, valued at approximately $190,054.32. This represents a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 205,657 shares of company stock worth $67,479,576 in the last three months. Company insiders own 23.43% of the company’s stock.

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.