Cooper Financial Group Acquires New Position in Coinbase Global, Inc. $COIN

Cooper Financial Group acquired a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 2nd quarter, Holdings Channel reports. The fund acquired 770 shares of the cryptocurrency exchange’s stock, valued at approximately $270,000.

A number of other institutional investors have also recently made changes to their positions in COIN. Merit Financial Group LLC boosted its holdings in shares of Coinbase Global by 50.2% during the 1st quarter. Merit Financial Group LLC now owns 1,949 shares of the cryptocurrency exchange’s stock valued at $336,000 after acquiring an additional 651 shares during the last quarter. Generali Investments Management Co LLC purchased a new stake in shares of Coinbase Global during the 1st quarter valued at about $195,000. Intellectus Partners LLC boosted its holdings in shares of Coinbase Global by 24.2% during the 1st quarter. Intellectus Partners LLC now owns 5,905 shares of the cryptocurrency exchange’s stock valued at $1,017,000 after acquiring an additional 1,150 shares during the last quarter. Sara Bay Financial boosted its holdings in shares of Coinbase Global by 66.7% during the 1st quarter. Sara Bay Financial now owns 1,500 shares of the cryptocurrency exchange’s stock valued at $261,000 after acquiring an additional 600 shares during the last quarter. Finally, Perkins Coie Trust Co purchased a new stake in shares of Coinbase Global during the 1st quarter valued at about $43,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on COIN. China Renaissance began coverage on shares of Coinbase Global in a report on Tuesday, June 17th. They set a “buy” rating and a $353.30 price target on the stock. Bank of America dropped their price objective on shares of Coinbase Global from $369.00 to $340.00 in a report on Wednesday. JMP Securities raised their price objective on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a “market outperform” rating in a report on Monday, July 14th. Keefe, Bruyette & Woods dropped their price objective on shares of Coinbase Global from $355.00 to $335.00 and set a “market perform” rating on the stock in a report on Monday, August 4th. Finally, Piper Sandler reissued a “neutral” rating and issued a $350.00 price objective on shares of Coinbase Global in a report on Thursday, July 31st. Fourteen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $359.49.

Coinbase Global Price Performance

NASDAQ COIN opened at $372.07 on Friday. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The stock has a market cap of $95.60 billion, a price-to-earnings ratio of 35.98 and a beta of 3.68. The company’s 50 day moving average is $323.85 and its two-hundred day moving average is $279.47. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.

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

Insider Activity

In other news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $322.28, for a total transaction of $8,057,000.00. Following the sale, the chief executive officer owned 526 shares in the company, valued at $169,519.28. This trade represents a 97.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Jennifer N. Jones sold 1,756 shares of Coinbase Global stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $300.52, for a total transaction of $527,713.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 714,515 shares of company stock valued at $272,046,775. Company insiders own 17.65% 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.