Rhumbline Advisers Grows Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Rhumbline Advisers grew its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 26.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 256,584 shares of the cryptocurrency exchange’s stock after purchasing an additional 53,174 shares during the quarter. Rhumbline Advisers owned approximately 0.10% of Coinbase Global worth $57,021,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Geneos Wealth Management Inc. lifted its holdings in Coinbase Global by 833.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock valued at $30,000 after buying an additional 100 shares in the last quarter. Concord Wealth Partners raised its stake in shares of Coinbase Global by 322.2% during the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 87 shares in the last quarter. Mather Group LLC. purchased a new stake in shares of Coinbase Global in the first quarter valued at approximately $32,000. Crewe Advisors LLC grew its stake in Coinbase Global by 547.4% in the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after purchasing an additional 104 shares in the last quarter. Finally, Lynx Investment Advisory purchased a new position in Coinbase Global during the 2nd quarter worth $29,000. 68.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on COIN. Needham & Company LLC reiterated a “buy” rating and issued a $260.00 target price on shares of Coinbase Global in a report on Monday, August 5th. JMP Securities reaffirmed a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a research note on Friday, August 2nd. Citigroup raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and raised their target price for the company from $260.00 to $345.00 in a research report on Tuesday, July 23rd. HC Wainwright lowered their price target on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Finally, Bank of America cut their price objective on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $248.38.

Insider Buying and Selling at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $219.45, for a total transaction of $2,194,500.00. Following the sale, the insider now directly owns 71,195 shares of the company’s stock, valued at $15,623,742.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $219.45, for a total transaction of $2,194,500.00. Following the sale, the insider now owns 71,195 shares of the company’s stock, valued at approximately $15,623,742.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $220.31, for a total transaction of $5,083,653.25. Following the sale, the chief executive officer now directly owns 526 shares in the company, valued at $115,883.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 88,487 shares of company stock worth $19,227,844. Insiders own 23.43% of the company’s stock.

Coinbase Global Stock Down 3.5 %

NASDAQ:COIN opened at $163.22 on Thursday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. Coinbase Global, Inc. has a twelve month low of $69.63 and a twelve month high of $283.48. The company has a market cap of $40.08 billion, a PE ratio of 32.58 and a beta of 3.40. The company’s 50 day moving average is $213.74 and its two-hundred day moving average is $224.24.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period last year, the firm earned ($0.42) earnings per share. Coinbase Global’s quarterly revenue was up 104.8% compared to the same quarter last year. Analysts anticipate that Coinbase Global, Inc. will post 4.28 EPS for the current 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.