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

Cary Street Partners Financial LLC lifted its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 121.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm 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.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Coinbase Global by 25.5% during the second quarter. Vanguard Group Inc. now owns 24,208,863 shares of the cryptocurrency exchange’s stock worth $8,484,964,000 after buying an additional 4,914,407 shares in the last quarter. Norges Bank acquired a new stake in shares of Coinbase Global during the 2nd quarter valued at approximately $1,044,354,000. Geode Capital Management LLC boosted its stake in shares of Coinbase Global by 46.1% during the 2nd quarter. Geode Capital Management LLC now owns 5,559,513 shares of the cryptocurrency exchange’s stock worth $1,940,805,000 after acquiring an additional 1,755,146 shares in the last quarter. Groupama Asset Managment grew its holdings in shares of Coinbase Global by 100.0% in the 1st quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock worth $516,690,000 after acquiring an additional 1,500,000 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Coinbase Global by 53.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,455,916 shares of the cryptocurrency exchange’s stock valued at $510,284,000 after purchasing an additional 504,068 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Insider Activity

In other Coinbase Global news, CFO Alesia J. Haas sold 5,500 shares of the stock in a transaction on 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 of the company’s stock, valued at $21,703,538.40. This represents a 6.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Paul Grewal sold 976 shares of Coinbase Global stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $260.00, for a total value of $253,760.00. Following the completion of the sale, the insider directly owned 74,835 shares of the company’s stock, valued at approximately $19,457,100. This represents a 1.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 728,971 shares of company stock valued at $225,494,313 in the last 90 days. Insiders own 16.56% of the company’s stock.

Analyst Ratings Changes

COIN has been the topic of a number of research analyst reports. Jefferies Financial Group reiterated a “hold” rating and set a $384.00 target price on shares of Coinbase Global in a research report on Wednesday, October 29th. President Capital boosted their price objective on shares of Coinbase Global from $401.00 to $472.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. HC Wainwright raised shares of Coinbase Global from a “sell” rating to a “buy” rating and increased their price objective for the company from $300.00 to $425.00 in a research note on Thursday, October 30th. Benchmark restated a “buy” rating on shares of Coinbase Global in a report on Friday, October 31st. Finally, Erste Group Bank downgraded shares of Coinbase Global from a “buy” rating to a “hold” rating in a report on Thursday, November 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $396.94.

Coinbase Global Trading Down 1.6%

Shares of COIN stock opened at $269.73 on Monday. The firm has a 50-day moving average price of $315.13 and a 200 day moving average price of $318.76. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The company 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 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, topping the consensus estimate of $1.04 by $0.40. The company had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The firm’s revenue for the quarter was up 55.1% compared to the same quarter last year. During the same period last year, the company earned $0.28 EPS. Research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal 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.