Grassi Investment Management Acquires New Position in Coinbase Global, Inc. $COIN

Grassi Investment Management acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 650 shares of the cryptocurrency exchange’s stock, valued at approximately $228,000.

Several other hedge funds have also modified their holdings of COIN. Merit Financial Group LLC lifted its holdings in shares of Coinbase Global by 50.2% in the 1st quarter. Merit Financial Group LLC now owns 1,949 shares of the cryptocurrency exchange’s stock valued at $336,000 after buying an additional 651 shares during the period. Generali Investments Management Co LLC acquired a new stake in Coinbase Global in the first quarter valued at $195,000. Intellectus Partners LLC lifted its holdings in Coinbase Global by 24.2% in the first 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 period. Sara Bay Financial lifted its holdings in Coinbase Global by 66.7% in the first 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 period. Finally, Perkins Coie Trust Co acquired a new stake in shares of Coinbase Global in the first quarter valued at about $43,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

COIN has been the subject of several recent analyst reports. Monness Crespi & Hardt cut shares of Coinbase Global from a “buy” rating to a “neutral” rating in a research note on Monday, July 28th. Jefferies Financial Group lifted their price target on shares of Coinbase Global from $260.00 to $405.00 and gave the company a “hold” rating in a research report on Tuesday, July 29th. Sanford C. Bernstein lifted their price objective on Coinbase Global from $310.00 to $510.00 and gave the stock an “outperform” rating in a report on Wednesday, June 25th. HC Wainwright reaffirmed a “sell” rating and set a $300.00 price objective on shares of Coinbase Global in a report on Friday, August 1st. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Coinbase Global in a report on Saturday, September 27th. Fifteen equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $367.27.

Insider Buying and Selling

In other Coinbase Global news, CEO Brian Armstrong sold 198,300 shares of the business’s stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total value 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. The trade was a 99.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Grewal sold 15,439 shares of the business’s 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 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. In the last three months, insiders sold 714,515 shares of company stock valued at $272,046,775. Company insiders own 17.65% of the company’s stock.

Coinbase Global Stock Performance

NASDAQ COIN opened at $380.02 on Friday. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The stock has a market cap of $97.64 billion, a price-to-earnings ratio of 36.75 and a beta of 3.68. The business has a fifty day moving average of $323.62 and a 200-day moving average of $280.84. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25.

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

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.