Arrow Capital Pty Ltd Takes $3.63 Million Position in Coinbase Global, Inc. $COIN

Arrow Capital Pty Ltd bought a new position in Coinbase Global, Inc. (NASDAQ:COIN) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 10,348 shares of the cryptocurrency exchange’s stock, valued at approximately $3,627,000. Coinbase Global comprises approximately 2.7% of Arrow Capital Pty Ltd’s portfolio, making the stock its 21st largest position.

Several other institutional investors also recently made changes to their positions in the stock. Evelyn Partners Investment Management Europe Ltd grew its stake in Coinbase Global by 92.3% during the 2nd quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock worth $29,000 after buying an additional 36 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new position in shares of Coinbase Global during the second quarter valued at $30,000. S Bank Fund Management Ltd bought a new position in shares of Coinbase Global during the first quarter worth about $31,000. SouthState Corp increased its holdings in shares of Coinbase Global by 128.4% in the 1st quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange’s stock worth $32,000 after acquiring an additional 104 shares during the period. Finally, City State Bank bought a new stake in Coinbase Global in the 2nd quarter valued at about $33,000. 68.84% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Paul Grewal sold 976 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $260.00, for a total transaction of $253,760.00. Following the transaction, the insider owned 74,835 shares of the company’s stock, valued at approximately $19,457,100. This trade represents a 1.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 4,125 shares of the stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $274.06, for a total value of $1,130,497.50. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 733,096 shares of company stock valued at $226,624,810. 16.56% of the stock is currently owned by company insiders.

Coinbase Global Price Performance

COIN stock opened at $277.36 on Wednesday. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64. The firm has a 50-day moving average of $312.73 and a two-hundred day moving average of $318.87. The firm has a market capitalization of $74.79 billion, a PE ratio of 23.99 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.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.40. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The business had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the previous year, the business earned $0.28 earnings per share. The firm’s revenue was up 55.1% compared to the same quarter last year. On average, analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

COIN has been the subject of several recent analyst reports. Erste Group Bank cut Coinbase Global from a “buy” rating to a “hold” rating in a research note on Thursday, November 20th. HC Wainwright upgraded shares of Coinbase Global from a “sell” rating to a “buy” rating and increased their target price for the company from $300.00 to $425.00 in a research report on Thursday, October 30th. Rothschild & Co Redburn dropped their price target on shares of Coinbase Global from $417.00 to $404.00 and set a “buy” rating on the stock in a research report on Friday, November 28th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $384.00 price target on shares of Coinbase Global in a research note on Wednesday, October 29th. Finally, Cantor Fitzgerald lowered their price objective on shares of Coinbase Global from $500.00 to $459.00 and set an “overweight” rating on the stock in a research note on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Coinbase Global has an average rating of “Moderate Buy” and a consensus price target 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.