abrdn plc Increases Stake in Coinbase Global, Inc. (NASDAQ:COIN)

abrdn plc boosted its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 625.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,788 shares of the cryptocurrency exchange’s stock after purchasing an additional 29,990 shares during the period. abrdn plc’s holdings in Coinbase Global were worth $6,198,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of COIN. Geneos Wealth Management Inc. grew its position in shares of Coinbase Global by 833.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 100 shares during the last quarter. Crewe Advisors LLC grew its position in shares of Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after buying an additional 104 shares during the last quarter. Lynx Investment Advisory bought a new stake in shares of Coinbase Global in the 2nd quarter worth approximately $29,000. Versant Capital Management Inc grew its position in shares of Coinbase Global by 75.0% in the 2nd quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 57 shares during the last quarter. Finally, Spirit of America Management Corp NY bought a new stake in shares of Coinbase Global in the 2nd quarter worth approximately $33,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Citigroup upgraded Coinbase Global from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $260.00 to $345.00 in a research report on Tuesday, July 23rd. Bank of America lifted their price target on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research report on Thursday. Needham & Company LLC lifted their price target on Coinbase Global from $260.00 to $290.00 and gave the company a “buy” rating in a research report on Thursday. Piper Sandler restated a “neutral” rating and set a $245.00 price target on shares of Coinbase Global in a research report on Friday. Finally, Mizuho lifted their price target on Coinbase Global from $160.00 to $178.00 and gave the company an “underperform” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Coinbase Global presently has a consensus rating of “Hold” and an average price target of $246.28.

Coinbase Global Stock Up 2.0 %

COIN stock opened at $182.88 on Friday. Coinbase Global, Inc. has a 1-year low of $80.81 and a 1-year high of $283.48. The business has a fifty day moving average price of $180.98 and a 200-day moving average price of $208.66. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $45.44 billion, a P/E ratio of 31.21 and a beta of 3.35.

Coinbase Global (NASDAQ:COIN) last posted its quarterly 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). Coinbase Global had a return on equity of 15.38% and a net margin of 29.76%. The business had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the firm earned ($0.42) EPS. The firm’s revenue for the quarter was up 104.8% compared to the same quarter last year. Equities analysts forecast that Coinbase Global, Inc. will post 4.11 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $209.98, for a total value of $2,099,800.00. Following the completion of the transaction, the insider now owns 74,956 shares in the company, valued at $15,739,260.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the completion of the sale, the insider now owns 74,956 shares in the company, valued at approximately $15,739,260.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gokul Rajaram sold 400 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total value of $81,776.00. Following the sale, the director now owns 7,771 shares of the company’s stock, valued at approximately $1,588,703.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 79,687 shares of company stock worth $14,908,594 over the last quarter. 23.43% of the stock is currently owned by insiders.

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.