Deerfield Management Company L.P. Series C Takes $370,000 Position in Coinbase Global, Inc. (NASDAQ:COIN)

Deerfield Management Company L.P. Series C bought a new position in Coinbase Global, Inc. (NASDAQ:COIN) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,667 shares of the cryptocurrency exchange’s stock, valued at approximately $370,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. Salem Investment Counselors Inc. raised its position in shares of Coinbase Global by 162.9% in the first quarter. Salem Investment Counselors Inc. now owns 184 shares of the cryptocurrency exchange’s stock valued at $49,000 after purchasing an additional 114 shares during the period. Intech Investment Management LLC grew its stake in Coinbase Global by 454.3% in the 1st quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock valued at $10,752,000 after buying an additional 33,240 shares during the last quarter. Paragon Capital Management Ltd raised its holdings in Coinbase Global by 58.6% in the 1st quarter. Paragon Capital Management Ltd now owns 231,660 shares of the cryptocurrency exchange’s stock worth $61,418,000 after acquiring an additional 85,573 shares during the period. QRG Capital Management Inc. lifted its position in Coinbase Global by 130.5% during the 2nd quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock worth $2,156,000 after acquiring an additional 5,493 shares during the last quarter. Finally, Edgestream Partners L.P. boosted its holdings in Coinbase Global by 93.5% during the first quarter. Edgestream Partners L.P. now owns 14,793 shares of the cryptocurrency exchange’s stock valued at $3,922,000 after acquiring an additional 7,148 shares during the period. Institutional investors own 68.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on COIN. Barclays upgraded Coinbase Global from an “underweight” rating to an “equal weight” rating and dropped their price objective for the stock from $206.00 to $169.00 in a research note on Friday, September 6th. Bank of America dropped their price target 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 reissued a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a research report on Friday, August 2nd. Citigroup raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $260.00 to $345.00 in a research report on Tuesday, July 23rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $260.00 target price on shares of Coinbase Global in a research note on Monday, August 5th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $246.06.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $191.23 on Friday. The firm has a market capitalization of $47.52 billion, a PE ratio of 38.17 and a beta of 3.36. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51. Coinbase Global, Inc. has a 12-month low of $70.41 and a 12-month high of $283.48. The firm has a 50-day moving average price of $191.76 and a 200 day moving average price of $219.31.

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 analysts’ consensus estimates of $1.07 by ($0.93). The company had revenue of $1.45 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the company posted ($0.42) earnings per share. Research analysts anticipate that Coinbase Global, Inc. will post 3.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $235.75, for a total value of $2,357,500.00. Following the sale, the insider now owns 71,195 shares of the company’s stock, valued at approximately $16,784,221.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $235.75, for a total value of $2,357,500.00. Following the completion of the transaction, the insider now owns 71,195 shares in the company, valued at $16,784,221.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jennifer N. Jones sold 450 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $225.70, for a total value of $101,565.00. Following the sale, the chief accounting officer now owns 1,686 shares in the company, valued at $380,530.20. The disclosure for this sale can be found here. Insiders sold 100,062 shares of company stock worth $20,584,974 over the last three months. 23.43% of the stock is currently owned by corporate insiders.

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.