Magnetar Financial LLC Acquires Shares of 13,616 Coinbase Global, Inc. (NASDAQ:COIN)

Magnetar Financial LLC bought a new position in Coinbase Global, Inc. (NASDAQ:COIN) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 13,616 shares of the cryptocurrency exchange’s stock, valued at approximately $3,026,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of COIN. Creekmur Asset Management LLC acquired a new stake in Coinbase Global during the 4th quarter valued at $27,000. Crewe Advisors LLC grew its stake in Coinbase Global by 547.4% during the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after purchasing an additional 104 shares in the last quarter. Lynx Investment Advisory purchased a new stake in Coinbase Global during the 2nd quarter worth approximately $29,000. Concord Wealth Partners boosted its stake in shares of Coinbase Global by 322.2% during the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after buying an additional 87 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its position in shares of Coinbase Global by 833.3% during the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 100 shares in the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have commented on COIN. Compass Point reduced their price objective 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. Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a report on Friday, August 2nd. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a report on Friday, August 2nd. Barclays upgraded Coinbase Global from an “underweight” rating to an “equal weight” rating and lowered their price target for the company from $206.00 to $169.00 in a report on Friday, September 6th. Finally, Bank of America reduced their price objective on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Coinbase Global has an average rating of “Hold” and an average price target of $246.06.

Insider Transactions at Coinbase Global

In related news, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction dated 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 owns 526 shares of the company’s stock, valued at $115,883.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other 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 transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $115,883.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $162.24, for a total transaction of $243,360.00. Following the sale, the chief operating officer now owns 187,601 shares of the company’s stock, valued at $30,436,386.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 101,562 shares of company stock valued at $20,920,899. Corporate insiders own 23.43% of the company’s stock.

Coinbase Global Stock Performance

COIN stock opened at $170.22 on Tuesday. The company has a 50-day simple moving average of $197.39 and a 200 day simple moving average of $221.00. The company has a market capitalization of $41.80 billion, a P/E ratio of 33.98 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 fifty-two week low of $69.63 and a fifty-two week high of $283.48.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share 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 during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the company posted ($0.42) earnings per share. The company’s revenue was up 104.8% on a year-over-year basis. Sell-side analysts predict that Coinbase Global, Inc. will post 3.96 earnings per share for the current fiscal 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.