Baird Financial Group Inc. Increases Holdings in Coinbase Global, Inc. $COIN

Baird Financial Group Inc. increased its position in Coinbase Global, Inc. (NASDAQ:COIN) by 47.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,761 shares of the cryptocurrency exchange’s stock after purchasing an additional 5,407 shares during the period. Baird Financial Group Inc.’s holdings in Coinbase Global were worth $5,875,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Coinbase Global by 25.5% during the second quarter. Vanguard Group Inc. now owns 24,208,863 shares of the cryptocurrency exchange’s stock valued at $8,484,964,000 after buying an additional 4,914,407 shares during the last quarter. Geode Capital Management LLC lifted its position in Coinbase Global by 46.1% in the 2nd quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange’s stock valued at $1,940,805,000 after acquiring an additional 1,755,146 shares in the last quarter. Groupama Asset Managment boosted its stake in Coinbase Global by 100.0% during the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock valued at $516,690,000 after purchasing an additional 1,500,000 shares during the last quarter. Norges Bank bought a new stake in shares of Coinbase Global in the 2nd quarter worth $1,044,354,000. Finally, Amundi raised its stake in shares of Coinbase Global by 44.1% in the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock worth $268,850,000 after purchasing an additional 481,786 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, COO Emilie Choi sold 100,000 shares of the stock in a transaction on 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 completion of the sale, the chief operating officer directly owned 187,802 shares of the company’s stock, valued at $58,383,885.76. This represents a 34.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 277,074 shares of Coinbase Global stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $309.92, for a total transaction of $85,870,774.08. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 733,096 shares of company stock valued at $226,624,810 in the last ninety days. Corporate insiders own 16.56% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on COIN. Argus reaffirmed a “hold” rating on shares of Coinbase Global in a research report on Tuesday, November 25th. Erste Group Bank downgraded shares of Coinbase Global from a “buy” rating to a “hold” rating in a report on Thursday, November 20th. Needham & Company LLC reissued a “buy” rating and set a $400.00 price objective on shares of Coinbase Global in a report on Friday, October 31st. Barclays lowered their price objective on shares of Coinbase Global from $361.00 to $357.00 and set an “equal weight” rating on the stock in a research report on Friday, October 31st. Finally, Bank of America cut their target price on shares of Coinbase Global from $369.00 to $340.00 in a research report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $396.94.

Coinbase Global Trading Up 1.2%

Shares of COIN stock opened at $277.36 on Wednesday. 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 company has a market cap of $74.79 billion, a price-to-earnings ratio of 23.99 and a beta of 3.69. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The firm has a fifty day moving average price of $312.73 and a 200-day moving average price of $318.87.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share for the quarter, beating 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 company had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the previous year, the business earned $0.28 earnings per share. Coinbase Global’s quarterly revenue was up 55.1% compared to the same quarter last year. As a group, equities analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Coinbase Global Company 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.