Allworth Financial LP Boosts Position in Coinbase Global, Inc. $COIN

Allworth Financial LP raised its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 33.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,224 shares of the cryptocurrency exchange’s stock after buying an additional 811 shares during the period. Allworth Financial LP’s holdings in Coinbase Global were worth $1,130,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in COIN. Envestnet Asset Management Inc. boosted its position in shares of Coinbase Global by 24.0% in the first quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange’s stock worth $8,861,000 after buying an additional 9,952 shares during the period. Bessemer Group Inc. boosted its holdings in Coinbase Global by 672.2% in the 2nd quarter. Bessemer Group Inc. now owns 1,166 shares of the cryptocurrency exchange’s stock worth $408,000 after acquiring an additional 1,015 shares during the period. SP Asset Management LLC acquired a new stake in Coinbase Global in the second quarter valued at approximately $360,000. Kera Capital Partners Inc. grew its position in Coinbase Global by 3.0% in the second quarter. Kera Capital Partners Inc. now owns 36,960 shares of the cryptocurrency exchange’s stock valued at $12,954,000 after acquiring an additional 1,085 shares in the last quarter. Finally, Parallel Advisors LLC raised its stake in shares of Coinbase Global by 102.6% during the second quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange’s stock valued at $3,738,000 after purchasing an additional 5,402 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.

Wall Street Analysts Forecast Growth

COIN has been the subject of several analyst reports. Bank of America decreased their target price on shares of Coinbase Global from $369.00 to $340.00 in a research note on Wednesday, October 1st. Erste Group Bank began coverage on shares of Coinbase Global in a research report on Wednesday, July 23rd. They issued a “buy” rating for the company. Jefferies Financial Group reiterated a “hold” rating and issued a $384.00 price target on shares of Coinbase Global in a research note on Wednesday, October 29th. Wall Street Zen raised Coinbase Global from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Finally, Citigroup lifted their price objective on Coinbase Global from $270.00 to $505.00 and gave the stock a “buy” rating in a report on Tuesday, July 29th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $399.94.

Coinbase Global Price Performance

Shares of COIN opened at $284.00 on Friday. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $444.64. The company has a current ratio of 2.40, a quick ratio of 2.40 and a debt-to-equity ratio of 0.37. The firm has a market cap of $76.58 billion, a price-to-earnings ratio of 24.57 and a beta of 3.67. The stock has a 50 day moving average of $333.47 and a 200-day moving average of $313.75.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.40. The firm had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Coinbase Global had a return on equity of 15.70% and a net margin of 41.99%.The firm’s revenue for the quarter was up 55.1% on a year-over-year basis. During the same period last year, the business posted $0.28 earnings per share. As a group, analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Transactions at Coinbase Global

In other news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $361.32, for a total value of $9,033,000.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares of the company’s stock, valued at approximately $190,054.32. The trade was a 97.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Emilie Choi sold 100,000 shares of the stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $310.88, for a total transaction of $31,088,000.00. Following the sale, the chief operating officer owned 187,802 shares in the company, valued at approximately $58,383,885.76. This trade represents a 34.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 668,346 shares of company stock worth $211,487,225. 17.65% of the stock is currently owned by insiders.

Coinbase Global 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.