Kovack Advisors Inc. Purchases Shares of 3,796 Coinbase Global, Inc. $COIN

Kovack Advisors Inc. purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,796 shares of the cryptocurrency exchange’s stock, valued at approximately $1,330,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Earned Wealth Advisors LLC acquired a new position in Coinbase Global in the second quarter valued at approximately $236,000. IFG Advisory LLC acquired a new position in Coinbase Global in the second quarter valued at approximately $311,000. Mesirow Financial Investment Management Inc. acquired a new position in Coinbase Global in the second quarter valued at approximately $237,000. Simon Quick Advisors LLC lifted its stake in Coinbase Global by 28.2% in the second quarter. Simon Quick Advisors LLC now owns 3,080 shares of the cryptocurrency exchange’s stock valued at $1,080,000 after buying an additional 678 shares during the period. Finally, Arbor Capital Management Inc. ADV lifted its stake in Coinbase Global by 17.7% in 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 buying an additional 1,259 shares during the period. 68.84% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. JMP Securities boosted their price objective on Coinbase Global from $400.00 to $440.00 and gave the company a “market outperform” rating in a report on Monday, July 14th. Wall Street Zen upgraded Coinbase Global from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Keefe, Bruyette & Woods decreased their price objective on Coinbase Global from $355.00 to $335.00 and set a “market perform” rating for the company in a report on Monday, August 4th. UBS Group set a $404.00 price objective on Coinbase Global in a report on Friday, October 24th. Finally, Williams Trading set a $405.00 price objective on Coinbase Global in a report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $398.58.

Coinbase Global Stock Up 4.6%

Shares of NASDAQ:COIN opened at $343.78 on Friday. The company has a market capitalization of $88.33 billion, a PE ratio of 29.74 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 has a fifty day moving average price of $333.43 and a two-hundred day moving average price of $305.57. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.40. Coinbase Global had a return on equity of 17.52% and a net margin of 41.99%.The firm had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the prior year, the firm earned $0.28 EPS. The business’s revenue for the quarter was up 55.1% compared to the same quarter last year. Analysts forecast 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 the company’s stock in a transaction 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 of the company’s stock, valued at $186,977.22. This represents a 97.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 15,439 shares of the company’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 transaction, the insider directly owned 82,328 shares in the company, valued at $25,587,542.40. This represents a 15.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 205,657 shares of company stock valued at $67,479,576 in the last 90 days. 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.