Magnolia Capital Advisors LLC Takes Position in Coinbase Global, Inc. $COIN

Magnolia Capital Advisors LLC bought 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 institutional investor bought 823 shares of the cryptocurrency exchange’s stock, valued at approximately $288,000.

Other hedge funds also recently modified their holdings of the company. Cullen Frost Bankers Inc. purchased a new stake in shares of Coinbase Global in the second quarter valued at $30,000. City State Bank purchased a new stake in shares of Coinbase Global during the second quarter worth $33,000. North Star Investment Management Corp. purchased a new stake in shares of Coinbase Global during the second quarter worth $55,000. McClarren Financial Advisors Inc. purchased a new stake in shares of Coinbase Global during the first quarter worth $30,000. Finally, S Bank Fund Management Ltd purchased a new stake in shares of Coinbase Global during the first quarter worth $31,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $400.00 price objective on shares of Coinbase Global in a report on Friday, October 31st. Argus assumed coverage on Coinbase Global in a report on Monday, July 14th. They set a “buy” rating and a $400.00 price objective for the company. Monness Crespi & Hardt lowered Coinbase Global from a “buy” rating to a “neutral” rating in a report on Monday, July 28th. Keefe, Bruyette & Woods cut 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. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $384.00 price objective on shares of Coinbase Global in a report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $393.98.

Insider Activity

In other news, CFO Alesia J. Haas sold 4,400 shares of the firm’s stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $344.41, for a total value of $1,515,404.00. Following the sale, the chief financial officer directly owned 84,820 shares of the company’s stock, valued at approximately $29,212,856.20. This trade represents a 4.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $345.88, for a total value of $3,458,800.00. Following the completion of the sale, the insider directly owned 82,328 shares in the company, valued at approximately $28,475,608.64. This represents a 10.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 180,657 shares of company stock valued at $59,552,326. 23.43% of the stock is owned by insiders.

Coinbase Global Price Performance

NASDAQ COIN opened at $307.32 on Wednesday. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The stock’s 50-day moving average is $333.90 and its two-hundred day moving average is $309.45. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.40 and a quick ratio of 2.40. The firm has a market cap of $78.96 billion, a P/E ratio of 26.58 and a beta of 3.67.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.40. Coinbase Global had a return on equity of 15.70% and a net margin of 41.99%.The company had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same period last year, the company earned $0.28 earnings per share. The business’s revenue was up 55.1% compared to the same quarter last year. On average, analysts anticipate 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.