Cary Street Partners Financial LLC Grows Stake in Coinbase Global, Inc. $COIN

Cary Street Partners Financial LLC increased its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 121.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,065 shares of the cryptocurrency exchange’s stock after purchasing an additional 5,520 shares during the quarter. Cary Street Partners Financial LLC’s holdings in Coinbase Global were worth $3,528,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Cadent Capital Advisors LLC lifted its position in shares of Coinbase Global by 1.0% during the 2nd quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange’s stock worth $1,108,000 after buying an additional 30 shares during the last quarter. Ameriflex Group Inc. raised its stake in Coinbase Global by 20.0% during the 2nd quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange’s stock worth $68,000 after acquiring an additional 30 shares in the last quarter. Pettinga Financial Advisors LLC raised its stake in Coinbase Global by 2.6% during the 2nd quarter. Pettinga Financial Advisors LLC now owns 1,321 shares of the cryptocurrency exchange’s stock worth $463,000 after acquiring an additional 34 shares in the last quarter. StoneX Group Inc. lifted its position in Coinbase Global by 1.8% in the second quarter. StoneX Group Inc. now owns 1,970 shares of the cryptocurrency exchange’s stock valued at $690,000 after acquiring an additional 34 shares during the last quarter. Finally, Evelyn Partners Investment Management Europe Ltd boosted its stake in Coinbase Global by 92.3% in the second quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock valued at $29,000 after acquiring an additional 36 shares in the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

COIN has been the topic of a number of research analyst reports. Cantor Fitzgerald cut their target price on Coinbase Global from $500.00 to $459.00 and set an “overweight” rating on the stock in a research report on Friday, October 31st. Rosenblatt Securities lifted their price target on Coinbase Global from $450.00 to $470.00 in a research report on Friday, October 31st. China Renaissance boosted their price objective on Coinbase Global from $444.60 to $479.30 in a research note on Monday, November 3rd. Bank of America lowered their target price on shares of Coinbase Global from $369.00 to $340.00 in a research report on Wednesday, October 1st. Finally, Redburn Partners set a $417.00 target price on shares of Coinbase Global in a report on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $396.94.

Insider Buying and Selling

In other news, Director Frederick Ernest Ehrsam III sold 2,750 shares of Coinbase Global stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $260.33, for a total value of $715,907.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Alesia J. Haas sold 5,500 shares of the business’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $273.62, for a total transaction of $1,504,910.00. Following the transaction, the chief financial officer owned 79,320 shares in the company, valued at approximately $21,703,538.40. This trade represents a 6.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 728,971 shares of company stock worth $225,494,313. 16.56% of the stock is currently owned by insiders.

Coinbase Global Trading Down 1.6%

Shares of COIN stock opened at $269.73 on Monday. The company has a market capitalization of $72.73 billion, a P/E ratio of 23.33 and a beta of 3.69. 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 business’s 50 day moving average is $315.13 and its two-hundred day moving average is $318.76. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64.

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