Federated Hermes Inc. Grows Stock Holdings in Coinbase Global, Inc. $COIN

Federated Hermes Inc. boosted its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 28.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 248,197 shares of the cryptocurrency exchange’s stock after acquiring an additional 54,976 shares during the period. Federated Hermes Inc. owned 0.10% of Coinbase Global worth $86,991,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Evelyn Partners Investment Management Europe Ltd increased its holdings in shares of 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 purchasing an additional 36 shares during the period. Cullen Frost Bankers Inc. purchased a new position in Coinbase Global in the 2nd quarter valued at $30,000. S Bank Fund Management Ltd purchased a new position in Coinbase Global in the 1st quarter valued at $31,000. SouthState Corp increased its stake in Coinbase Global by 128.4% in the 1st quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange’s stock valued at $32,000 after buying an additional 104 shares during the period. Finally, City State Bank purchased a new position in Coinbase Global during the 2nd quarter worth $33,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $269.73 on Monday. The firm has a market capitalization of $72.73 billion, a price-to-earnings ratio of 23.33 and a beta of 3.69. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.40 and a quick ratio of 2.40. The business’s 50 day simple moving average is $315.13 and its 200-day simple moving average is $318.76. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64.

Coinbase Global (NASDAQ:COIN) last issued 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 during 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%.Coinbase Global’s revenue was up 55.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.28 earnings per share. As a group, equities analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In related news, COO Emilie Choi sold 100,000 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $310.88, for a total value of $31,088,000.00. Following the sale, the chief operating officer directly owned 187,802 shares in the company, valued at $58,383,885.76. The trade was a 34.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 277,074 shares of the stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $309.92, for a total transaction of $85,870,774.08. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 728,971 shares of company stock valued at $225,494,313 in the last 90 days. 16.56% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

COIN has been the topic of several analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $400.00 target price on shares of Coinbase Global in a report on Friday, October 31st. Erste Group Bank lowered Coinbase Global from a “buy” rating to a “hold” rating in a report on Thursday, November 20th. BTIG Research boosted their target price on Coinbase Global from $410.00 to $420.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Redburn Partners set a $417.00 target price on Coinbase Global in a research note on Friday, October 3rd. Finally, Bank of America decreased their price target on Coinbase Global from $369.00 to $340.00 in a research note on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Coinbase Global currently has an average rating of “Moderate Buy” and an average target price of $396.94.

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.