Simon Quick Advisors LLC Increases Stake in Coinbase Global, Inc. $COIN

Simon Quick Advisors LLC boosted its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 28.2% in the 2nd quarter, Holdings Channel reports. The fund owned 3,080 shares of the cryptocurrency exchange’s stock after buying an additional 678 shares during the period. Simon Quick Advisors LLC’s holdings in Coinbase Global were worth $1,080,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Arbor Capital Management Inc. ADV raised its position in Coinbase Global by 17.7% during the second quarter. Arbor Capital Management Inc. ADV now owns 8,390 shares of the cryptocurrency exchange’s stock valued at $3,092,000 after acquiring an additional 1,259 shares in the last quarter. Strs Ohio grew its holdings in Coinbase Global by 56.3% in the second quarter. Strs Ohio now owns 122,800 shares of the cryptocurrency exchange’s stock valued at $43,040,000 after purchasing an additional 44,216 shares during the period. Amalgamated Bank grew its holdings in Coinbase Global by 197.8% in the second quarter. Amalgamated Bank now owns 40,940 shares of the cryptocurrency exchange’s stock valued at $14,349,000 after purchasing an additional 27,193 shares during the period. Atria Investments Inc acquired a new stake in Coinbase Global in the second quarter valued at approximately $1,137,000. Finally, Savvy Advisors Inc. grew its holdings in Coinbase Global by 2.8% in the second quarter. Savvy Advisors Inc. now owns 3,446 shares of the cryptocurrency exchange’s stock valued at $1,208,000 after purchasing an additional 95 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $355.47, for a total transaction of $8,886,750.00. Following the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $186,977.22. This trade represents a 97.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul Grewal sold 15,439 shares of Coinbase Global stock in a transaction on Monday, August 25th. The shares were sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the sale, the insider owned 82,328 shares in the company, valued at $25,587,542.40. This represents a 15.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 205,657 shares of company stock worth $67,479,576. 17.65% of the stock is owned by corporate insiders.

Coinbase Global Stock Performance

Shares of NASDAQ:COIN opened at $328.51 on Friday. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The firm has a market capitalization of $84.41 billion, a PE ratio of 31.77 and a beta of 3.68. 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 business’s 50 day moving average price is $332.96 and its 200-day moving average price is $304.41.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, October 30th. The cryptocurrency exchange reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.40. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter last year, the business posted $0.28 earnings per share. The firm’s revenue was up 55.1% compared to the same quarter last year. As a group, equities research analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on COIN. Needham & Company LLC raised their price objective on Coinbase Global from $270.00 to $400.00 and gave the company a “buy” rating in a report on Friday, August 1st. Weiss Ratings reissued a “hold (c)” rating on shares of Coinbase Global in a report on Tuesday, October 14th. Williams Trading set a $405.00 price objective on Coinbase Global in a report on Thursday, July 31st. HC Wainwright raised Coinbase Global from a “sell” rating to a “buy” rating and raised their price objective for the company from $300.00 to $425.00 in a report on Thursday. Finally, Rothschild & Co Redburn raised Coinbase Global from a “neutral” rating to a “buy” rating and raised their price objective for the company from $325.00 to $417.00 in a report on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $390.61.

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.