Frank Rimerman Advisors LLC Acquires 1,093 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Frank Rimerman Advisors LLC boosted its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 342.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,412 shares of the cryptocurrency exchange’s stock after acquiring an additional 1,093 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Coinbase Global were worth $314,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Coinbase Global by 18.4% during the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after buying an additional 2,624,989 shares during the period. Cowen AND Company LLC raised its stake in shares of Coinbase Global by 1.5% in the second quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after acquiring an additional 22,071 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Coinbase Global by 185.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after acquiring an additional 691,288 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Coinbase Global by 1,186.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock worth $139,854,000 after purchasing an additional 486,512 shares during the period. Finally, American Century Companies Inc. grew its holdings in Coinbase Global by 1,136.7% during the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after purchasing an additional 435,886 shares during the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. 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 research report on Thursday, July 11th. Barclays upgraded Coinbase Global from an “underweight” rating to an “equal weight” rating and reduced their target price for the stock from $206.00 to $169.00 in a research note on Friday, September 6th. Canaccord Genuity Group restated a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Friday, August 2nd. Compass Point decreased their price objective on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $260.00 price objective on shares of Coinbase Global in a research report on Monday, August 5th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global presently has an average rating of “Hold” and a consensus price target of $246.06.

Coinbase Global Price Performance

COIN opened at $171.68 on Wednesday. The firm has a market capitalization of $42.16 billion, a PE ratio of 34.27 and a beta of 3.36. 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 business’s 50-day moving average is $195.80 and its two-hundred day moving average is $220.40. Coinbase Global, Inc. has a 1 year low of $69.63 and a 1 year high of $283.48.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data 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). Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the previous year, the firm earned ($0.42) EPS. The firm’s quarterly revenue was up 104.8% on a year-over-year basis. Research analysts anticipate that Coinbase Global, Inc. will post 3.96 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In related news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $223.95, for a total transaction of $335,925.00. Following the transaction, the chief operating officer now directly owns 205,971 shares in the company, valued at approximately $46,127,205.45. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related 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 sale, the insider now directly owns 71,195 shares in the company, valued at approximately $16,784,221.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $223.95, for a total transaction of $335,925.00. Following the transaction, the chief operating officer now owns 205,971 shares in the company, valued at approximately $46,127,205.45. The disclosure for this sale can be found here. Over the last three months, 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 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.