Creative Planning Raises Position in Coinbase Global, Inc. (NASDAQ:COIN)

Creative Planning increased its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 20.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,210 shares of the cryptocurrency exchange’s stock after buying an additional 8,383 shares during the quarter. Creative Planning’s holdings in Coinbase Global were worth $11,158,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in COIN. Vanguard Group Inc. boosted 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 acquiring an additional 2,624,989 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Coinbase Global by 185.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after buying an additional 691,288 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in Coinbase Global by 1,186.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock valued at $139,854,000 after acquiring an additional 486,512 shares during the period. American Century Companies Inc. increased its holdings in Coinbase Global by 1,136.7% in the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock worth $105,389,000 after acquiring an additional 435,886 shares in the last quarter. Finally, APEIRON CAPITAL Ltd acquired a new position in Coinbase Global during the first quarter worth $108,434,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $170.10, for a total transaction of $1,701,000.00. Following the completion of the transaction, the insider now directly owns 74,956 shares in the company, valued at $12,750,015.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $170.10, for a total transaction of $1,701,000.00. Following the sale, the insider now directly owns 74,956 shares of the company’s stock, valued at approximately $12,750,015.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $233.00, for a total transaction of $349,500.00. Following the completion of the transaction, the chief operating officer now directly owns 194,971 shares of the company’s stock, valued at approximately $45,428,243. The disclosure for this sale can be found here. Insiders have sold 101,612 shares of company stock worth $20,326,489 over the last ninety days. Corporate insiders own 23.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on COIN. Canaccord Genuity Group restated a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research report on Friday, August 2nd. Bank of America decreased their target price on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Citigroup upgraded Coinbase Global from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $260.00 to $345.00 in a research report on Tuesday, July 23rd. The Goldman Sachs Group decreased their price objective on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. Finally, HC Wainwright dropped their target price on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $246.06.

Coinbase Global Stock Performance

Shares of Coinbase Global stock opened at $165.01 on Wednesday. The firm has a market cap of $40.52 billion, a PE ratio of 32.94 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 52 week low of $70.41 and a 52 week high of $283.48. The business’s fifty day simple moving average is $188.17 and its 200-day simple moving average is $217.89.

Coinbase Global (NASDAQ:COIN) last announced 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 net margin of 31.46% and a return on equity of 13.89%. The company had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the business earned ($0.42) earnings per share. Coinbase Global’s revenue was up 104.8% on a year-over-year basis. Equities analysts forecast that Coinbase Global, Inc. will post 3.96 earnings per share for the current year.

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.