Inspire Investing LLC Grows Stock Holdings in Coinbase Global, Inc. $COIN

Inspire Investing LLC raised its position in Coinbase Global, Inc. (NASDAQ:COIN) by 71.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,789 shares of the cryptocurrency exchange’s stock after purchasing an additional 745 shares during the period. Inspire Investing LLC’s holdings in Coinbase Global were worth $308,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in COIN. Groupama Asset Managment boosted its stake in Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after acquiring an additional 1,500,000 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Coinbase Global by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock worth $3,323,084,000 after purchasing an additional 875,359 shares in the last quarter. Nuveen LLC purchased a new position in Coinbase Global during the first quarter valued at $83,454,000. Amundi lifted its position in Coinbase Global by 44.1% during the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock valued at $268,850,000 after purchasing an additional 481,786 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of Coinbase Global by 1,159.9% in the 4th quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange’s stock worth $81,612,000 after acquiring an additional 302,595 shares during the last quarter. 68.84% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Canaccord Genuity Group reissued a “buy” rating and set a $400.00 target price on shares of Coinbase Global in a research report on Friday, August 1st. Needham & Company LLC boosted their target price on shares of Coinbase Global from $270.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, August 1st. JMP Securities boosted their target price on shares of Coinbase Global from $400.00 to $440.00 and gave the company a “market outperform” rating in a research note on Monday, July 14th. Erste Group Bank began coverage on shares of Coinbase Global in a report on Wednesday, July 23rd. They issued a “buy” rating for the company. Finally, The Goldman Sachs Group boosted their price target on shares of Coinbase Global from $239.00 to $268.00 and gave the stock a “neutral” rating in a report on Monday, July 7th. Thirteen investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $356.18.

Coinbase Global Stock Up 7.0%

COIN stock opened at $343.13 on Friday. The firm has a market capitalization of $88.16 billion, a price-to-earnings ratio of 33.18 and a beta of 3.68. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The company’s 50 day moving average price is $337.55 and its 200 day moving average price is $270.18.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The firm had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the company posted $0.14 earnings per share. Coinbase Global’s revenue was up 3.3% compared to the same quarter last year. On average, equities research analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 336,265 shares of the company’s stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the completion of the transaction, the chief executive officer owned 526 shares of the company’s stock, valued at $190,732.86. This represents a 99.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders have sold 1,202,515 shares of company stock valued at $448,306,941. Insiders own 17.65% of the company’s stock.

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.