Intech Investment Management LLC Acquires 66,805 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Intech Investment Management LLC boosted its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 164.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 107,361 shares of the cryptocurrency exchange’s stock after purchasing an additional 66,805 shares during the quarter. Intech Investment Management LLC’s holdings in Coinbase Global were worth $23,859,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Salem Investment Counselors Inc. raised its holdings in Coinbase Global by 162.9% in the 1st quarter. Salem Investment Counselors Inc. now owns 184 shares of the cryptocurrency exchange’s stock valued at $49,000 after acquiring an additional 114 shares in 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 valued at $61,418,000 after acquiring an additional 85,573 shares in the last quarter. QRG Capital Management Inc. raised its holdings in Coinbase Global by 130.5% in the 2nd quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock valued at $2,156,000 after acquiring an additional 5,493 shares in the last quarter. Edgestream Partners L.P. raised its holdings in Coinbase Global by 93.5% in the 1st 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 in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in Coinbase Global by 28.9% in the 1st quarter. Russell Investments Group Ltd. now owns 23,151 shares of the cryptocurrency exchange’s stock valued at $6,138,000 after acquiring an additional 5,189 shares in the last quarter. Institutional investors own 68.84% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on COIN shares. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and upped their price target for the company from $260.00 to $345.00 in a report on Tuesday, July 23rd. HC Wainwright dropped their target price on Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a report on Friday, August 2nd. The Goldman Sachs Group dropped their target price on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. Finally, Barclays raised Coinbase Global from an “underweight” rating to an “equal weight” rating and dropped their target price for the stock from $206.00 to $169.00 in a report on Friday, September 6th. One equities research 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.com, the stock has a consensus rating of “Hold” and an average target price of $246.06.

Insider Buying and Selling

In related news, CAO Jennifer N. Jones sold 450 shares of Coinbase Global stock in a transaction on Monday, July 1st. The stock was sold at an average price of $225.70, for a total transaction of $101,565.00. Following the completion of the sale, the chief accounting officer now directly owns 1,686 shares of the company’s stock, valued at $380,530.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Coinbase Global news, CAO Jennifer N. Jones sold 450 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $225.70, for a total value of $101,565.00. Following the completion of the transaction, the chief accounting officer now directly owns 1,686 shares of the company’s stock, valued at $380,530.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $162.24, for a total value of $243,360.00. Following the completion of the transaction, the chief operating officer now directly owns 187,601 shares of the company’s stock, valued at $30,436,386.24. The disclosure for this sale can be found here. Insiders sold a total of 111,562 shares of company stock valued at $23,115,399 over the last three months. Company insiders own 23.43% of the company’s stock.

Coinbase Global Trading Up 3.4 %

COIN stock opened at $168.24 on Friday. The company has a market cap of $41.31 billion, a P/E ratio of 33.58 and a beta of 3.36. Coinbase Global, Inc. has a twelve month low of $69.63 and a twelve month high of $283.48. 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 business has a fifty day moving average of $200.73 and a 200-day moving average of $222.38.

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

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.