Machina Capital S.A.S. Purchases New Position in Coinbase Global, Inc. (NASDAQ:COIN)

Machina Capital S.A.S. purchased a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the first quarter, according to the company in its most recent filing with the SEC. The fund purchased 2,482 shares of the cryptocurrency exchange’s stock, valued at approximately $427,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in COIN. Envestnet Asset Management Inc. raised its holdings in shares of Coinbase Global by 24.0% in the first quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange’s stock valued at $8,861,000 after purchasing an additional 9,952 shares during the last quarter. Amalgamated Bank grew its position in Coinbase Global by 4.8% in the 1st quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange’s stock worth $2,368,000 after purchasing an additional 629 shares in the last quarter. KCM Investment Advisors LLC purchased a new stake in Coinbase Global in the 4th quarter valued at about $507,000. GAMMA Investing LLC lifted its position 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 buying an additional 84 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC boosted its stake in shares of Coinbase Global by 124.5% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange’s stock worth $453,000 after buying an additional 1,454 shares during the last quarter. 68.84% of the stock is owned by institutional investors.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $391.66 on Friday. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40. The stock has a market cap of $99.43 billion, a P/E ratio of 73.34, a P/E/G ratio of 30.24 and a beta of 3.70. The company has a 50 day moving average of $317.61 and a 200 day moving average of $255.95.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.22 billion. During the same quarter last year, the firm earned $2.53 earnings per share. The firm’s revenue for the quarter was up 24.2% on a year-over-year basis. As a group, sell-side analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Activity

In other Coinbase Global news, CEO Brian Armstrong sold 336,265 shares of the company’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total value of $121,933,051.65. Following the transaction, the chief executive officer directly owned 526 shares in the company, valued at $190,732.86. This represents a 99.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of Coinbase Global stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total value of $7,622,597.56. Following the sale, the director owned 10,417 shares of the company’s stock, valued at approximately $2,632,167.56. This trade represents a 74.33% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,208,340 shares of company stock valued at $439,997,456. 17.65% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Citigroup reaffirmed an “outperform” rating on shares of Coinbase Global in a research report on Monday, July 14th. Rosenblatt Securities upped their price objective on Coinbase Global from $300.00 to $470.00 and gave the company a “buy” rating in a research note on Thursday, July 17th. Argus assumed coverage on Coinbase Global in a research report on Monday, July 14th. They set a “buy” rating and a $400.00 target price for the company. Compass Point raised shares of Coinbase Global from a “sell” rating to a “neutral” rating and set a $195.00 price target on the stock in a report on Monday, May 12th. Finally, Sanford C. Bernstein increased their price target on shares of Coinbase Global from $310.00 to $510.00 and gave the company an “outperform” rating in a research report on Wednesday, June 25th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $320.06.

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.