Empirical Capital Management LLC Buys 1,200 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Empirical Capital Management LLC boosted its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 92.3% in the second quarter, HoldingsChannel reports. The firm owned 2,500 shares of the cryptocurrency exchange’s stock after acquiring an additional 1,200 shares during the period. Coinbase Global accounts for about 0.4% of Empirical Capital Management LLC’s holdings, making the stock its 14th biggest position. Empirical Capital Management LLC’s holdings in Coinbase Global were worth $556,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Ratings Changes

COIN has been the subject of several research analyst reports. HC Wainwright decreased their price objective on Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. JMP Securities reissued a “market outperform” rating and set a $320.00 price objective on shares of Coinbase Global in a research report on Friday, August 2nd. Compass Point cut 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 report on Tuesday, August 6th. The Goldman Sachs Group reduced their target price on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, July 11th. Finally, Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and lifted their price target for the company from $260.00 to $345.00 in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $246.06.

Insider Buying and Selling

In related news, COO Emilie Choi sold 1,500 shares of the business’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 transaction, the chief operating officer now directly owns 187,601 shares of the company’s stock, valued at approximately $30,436,386.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $235.75, for a total transaction of $2,357,500.00. Following the completion of the sale, the insider now directly owns 71,195 shares in the company, valued at $16,784,221.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at approximately $30,436,386.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 100,062 shares of company stock worth $20,584,974. Company insiders own 23.43% of the company’s stock.

Coinbase Global Price Performance

NASDAQ:COIN opened at $191.23 on Friday. The stock has a market capitalization of $47.52 billion, a PE ratio of 38.17 and a beta of 3.36. Coinbase Global, Inc. has a 1-year low of $70.41 and a 1-year high of $283.48. The firm has a fifty day simple moving average of $191.76 and a 200 day simple moving average of $219.31. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51.

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). The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The business’s revenue was up 104.8% on a year-over-year basis. During the same period last year, the business earned ($0.42) EPS. On average, research analysts expect that Coinbase Global, Inc. will post 3.96 EPS 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.