Deerfield Management Company L.P. Series C Acquires New Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Deerfield Management Company L.P. Series C bought a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,667 shares of the cryptocurrency exchange’s stock, valued at approximately $370,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Salem Investment Counselors Inc. raised its holdings in Coinbase Global by 162.9% during the first quarter. Salem Investment Counselors Inc. now owns 184 shares of the cryptocurrency exchange’s stock worth $49,000 after purchasing an additional 114 shares in the last quarter. Intech Investment Management LLC raised its stake in shares of Coinbase Global by 454.3% in the 1st quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock worth $10,752,000 after buying an additional 33,240 shares in the last quarter. Paragon Capital Management Ltd lifted its holdings in shares of Coinbase Global by 58.6% in the first quarter. Paragon Capital Management Ltd now owns 231,660 shares of the cryptocurrency exchange’s stock valued at $61,418,000 after buying an additional 85,573 shares during the period. QRG Capital Management Inc. boosted its stake in Coinbase Global by 130.5% during the second quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock valued at $2,156,000 after buying an additional 5,493 shares in the last quarter. Finally, Edgestream Partners L.P. grew its holdings in Coinbase Global by 93.5% during the first quarter. Edgestream Partners L.P. now owns 14,793 shares of the cryptocurrency exchange’s stock worth $3,922,000 after acquiring an additional 7,148 shares during the period. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Price Performance

NASDAQ COIN opened at $191.23 on Friday. 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 firm has a market capitalization of $47.52 billion, a price-to-earnings ratio of 38.17 and a beta of 3.36. The company has a 50 day simple moving average of $191.76 and a 200-day simple moving average of $219.31. Coinbase Global, Inc. has a 52-week low of $70.41 and a 52-week high of $283.48.

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

Insider Buying and Selling

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 transaction, the chief accounting officer now owns 1,686 shares in the company, valued at $380,530.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Alesia J. Haas sold 4,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $229.09, for a total transaction of $1,030,905.00. Following the transaction, the chief financial officer now owns 182,903 shares of the company’s stock, valued at $41,901,248.27. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Jennifer N. Jones sold 450 shares of the business’s stock in a transaction that occurred 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 100,062 shares of company stock worth $20,584,974. Corporate insiders own 23.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on COIN shares. Canaccord Genuity Group reissued a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Friday, August 2nd. Citigroup raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and increased their target price for the company from $260.00 to $345.00 in a research note on Tuesday, July 23rd. The Goldman Sachs Group dropped their price target on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. HC Wainwright reduced their price objective on Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $246.06.

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.