Ascent Group LLC Invests $411,000 in Coinbase Global, Inc. $COIN

Ascent Group LLC purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the 2nd quarter, HoldingsChannel reports. The fund purchased 1,173 shares of the cryptocurrency exchange’s stock, valued at approximately $411,000.

Several other hedge funds have also made changes to their positions in the company. Clarity Capital Partners LLC lifted its position in shares of Coinbase Global by 11.2% in the 2nd quarter. Clarity Capital Partners LLC now owns 19,809 shares of the cryptocurrency exchange’s stock valued at $6,943,000 after acquiring an additional 1,995 shares in the last quarter. Ameritas Advisory Services LLC purchased a new stake in Coinbase Global in the 2nd quarter worth approximately $227,000. Oriental Harbor Investment Fund purchased a new stake in Coinbase Global in the 2nd quarter worth approximately $54,699,000. Cromwell Holdings LLC increased its stake in shares of Coinbase Global by 2,480.0% during the 2nd quarter. Cromwell Holdings LLC now owns 258 shares of the cryptocurrency exchange’s stock worth $90,000 after purchasing an additional 248 shares during the last quarter. Finally, J. Safra Sarasin Holding AG increased its stake in shares of Coinbase Global by 64.8% during the 2nd quarter. J. Safra Sarasin Holding AG now owns 27,653 shares of the cryptocurrency exchange’s stock worth $9,692,000 after purchasing an additional 10,872 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Trading Down 2.7%

Shares of COIN stock opened at $375.78 on Wednesday. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The company has a market capitalization of $96.55 billion, a P/E ratio of 36.34 and a beta of 3.68. The firm has a 50-day moving average price of $323.84 and a 200 day moving average price of $284.12. 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 quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the business earned $0.14 earnings per share. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. Research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Paul Grewal sold 15,439 shares of the business’s stock in a transaction that occurred 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 in the company, valued at $25,587,542.40. The trade was a 15.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Brian Armstrong sold 198,300 shares of the business’s stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the transaction, the chief executive officer owned 526 shares of the company’s stock, valued at $209,279.62. This trade represents a 99.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 739,515 shares of company stock worth $280,933,525 over the last quarter. 23.43% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. HC Wainwright restated a “sell” rating and set a $300.00 price target on shares of Coinbase Global in a research note on Friday, August 1st. Erste Group Bank assumed coverage on shares of Coinbase Global in a research report on Wednesday, July 23rd. They issued a “buy” rating on the stock. Mizuho set a $300.00 price target on shares of Coinbase Global in a research report on Thursday, September 18th. China Renaissance assumed coverage on shares of Coinbase Global in a research report on Tuesday, June 17th. They issued a “buy” rating and a $353.30 price target on the stock. Finally, JMP Securities raised their price target on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a “market outperform” rating in a research report on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $367.27.

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.