Royal London Asset Management Ltd. Acquires 10,008 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Royal London Asset Management Ltd. lifted its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 14.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 77,167 shares of the cryptocurrency exchange’s stock after purchasing an additional 10,008 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Coinbase Global were worth $17,149,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Coinbase Global by 18.4% in the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock worth $4,482,190,000 after buying an additional 2,624,989 shares during the last quarter. Cowen AND Company LLC raised its holdings in shares of Coinbase Global by 1.5% during the second quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after purchasing an additional 22,071 shares during the last quarter. Norges Bank purchased a new position in shares of Coinbase Global during the fourth quarter valued at approximately $202,936,000. Canada Pension Plan Investment Board lifted its position in Coinbase Global by 1,186.6% during the first quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock valued at $139,854,000 after purchasing an additional 486,512 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Coinbase Global by 16.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 427,461 shares of the cryptocurrency exchange’s stock worth $74,417,000 after purchasing an additional 58,878 shares during the last quarter. 68.84% of the stock is owned by institutional investors.

Coinbase Global Stock Performance

Shares of NASDAQ COIN opened at $157.15 on Thursday. The company has a market cap of $38.59 billion, a P/E ratio of 31.37 and a beta of 3.36. Coinbase Global, Inc. has a 52-week low of $69.63 and a 52-week high of $283.48. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03. The firm’s fifty day moving average is $206.66 and its two-hundred day moving average is $223.71.

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

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $115,883.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Brian Armstrong sold 23,075 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were 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 owns 526 shares of the company’s stock, valued at $115,883.06. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Emilie Choi sold 8,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $176.09, for a total transaction of $1,408,720.00. Following the completion of the transaction, the chief operating officer now directly owns 189,101 shares of the company’s stock, valued at approximately $33,298,795.09. The disclosure for this sale can be found here. Insiders have sold a total of 111,562 shares of company stock valued at $23,241,279 in the last quarter. 23.43% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and boosted their target price for the company from $260.00 to $345.00 in a research note on Tuesday, July 23rd. The Goldman Sachs Group reduced their price objective on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. Compass Point dropped their target price on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a research report on Friday, August 2nd. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $246.06.

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.