BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Boosts Stake in Coinbase Global, Inc. (NASDAQ:COIN)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 71.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 35,578 shares of the cryptocurrency exchange’s stock after acquiring an additional 14,866 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Coinbase Global were worth $7,906,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. PNC Financial Services Group Inc. raised its position in Coinbase Global by 12.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,640 shares of the cryptocurrency exchange’s stock worth $981,000 after acquiring an additional 610 shares during the period. Wells Fargo & Company MN raised its position in shares of Coinbase Global by 25.1% during the 4th quarter. Wells Fargo & Company MN now owns 45,785 shares of the cryptocurrency exchange’s stock worth $7,963,000 after purchasing an additional 9,194 shares during the last quarter. Corient Private Wealth LLC raised its position in shares of Coinbase Global by 1.1% during the 4th quarter. Corient Private Wealth LLC now owns 8,813 shares of the cryptocurrency exchange’s stock worth $1,533,000 after purchasing an additional 94 shares during the last quarter. Assetmark Inc. lifted its stake in Coinbase Global by 64.3% in the 4th quarter. Assetmark Inc. now owns 1,290 shares of the cryptocurrency exchange’s stock valued at $224,000 after buying an additional 505 shares in the last quarter. Finally, Franklin Resources Inc. boosted its holdings in Coinbase Global by 18.4% in the 4th quarter. Franklin Resources Inc. now owns 7,447 shares of the cryptocurrency exchange’s stock worth $1,295,000 after buying an additional 1,156 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Insider Buying and Selling

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $235.75, for a total transaction of $2,357,500.00. Following the transaction, the insider now directly owns 71,195 shares in the company, valued at $16,784,221.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $220.31, for a total value of $5,083,653.25. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at $115,883.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $235.75, for a total transaction of $2,357,500.00. Following the sale, the insider now owns 71,195 shares in the company, valued at $16,784,221.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,562 shares of company stock valued at $20,920,899. Company insiders own 23.43% of the company’s stock.

Coinbase Global Stock Performance

Shares of Coinbase Global stock opened at $167.08 on Thursday. The business’s fifty day simple moving average is $194.16 and its 200-day simple moving average is $220.03. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51. The firm has a market cap of $41.52 billion, a PE ratio of 33.35 and a beta of 3.36. Coinbase Global, Inc. has a 52 week low of $69.71 and a 52 week high of $283.48.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.93). The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The company’s quarterly revenue was up 104.8% compared to the same quarter last year. During the same period last year, the business earned ($0.42) EPS. Equities analysts forecast that Coinbase Global, Inc. will post 3.96 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on COIN. Bank of America decreased their target price on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a report on Friday, August 2nd. Citigroup raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and upped their target price for the stock from $260.00 to $345.00 in a report on Tuesday, July 23rd. Compass Point decreased their price target on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Finally, Barclays raised shares of Coinbase Global from an “underweight” rating to an “equal weight” rating and dropped their price objective for the company from $206.00 to $169.00 in a research note on Friday, September 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $246.06.

Coinbase Global Company 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.