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

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

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

Analyst Ratings Changes

A number of brokerages have weighed in on COIN. Erste Group Bank cut Coinbase Global from a “buy” rating to a “hold” rating in a report on Thursday, November 20th. Compass Point reduced their target price on Coinbase Global from $277.00 to $266.00 in a research report on Friday, October 31st. Argus restated a “hold” rating on shares of Coinbase Global in a report on Tuesday, November 25th. JPMorgan Chase & Co. dropped their price objective on shares of Coinbase Global from $404.00 to $399.00 and set an “overweight” rating for the company in a research note on Friday, October 31st. Finally, Bank of America decreased their target price on shares of Coinbase Global from $369.00 to $340.00 in a research report on Wednesday, October 1st. One equities research 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 issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $396.94.

Insider Transactions at Coinbase Global

In other news, insider Lawrence J. Brock sold 5,902 shares of the company’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $250.58, for a total value of $1,478,923.16. Following the completion of the sale, the insider owned 497 shares of the company’s stock, valued at $124,538.26. This represents a 92.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Grewal sold 976 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $260.00, for a total value of $253,760.00. Following the sale, the insider owned 74,835 shares in the company, valued at approximately $19,457,100. The trade was a 1.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 728,971 shares of company stock worth $225,494,313 in the last quarter. 16.56% of the stock is owned by corporate insiders.

Coinbase Global Trading Down 1.6%

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 quick ratio of 2.40 and a current ratio of 2.40. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64. The company’s 50 day moving average price is $315.13 and its 200 day moving average price is $318.76.

Coinbase Global (NASDAQ:COIN) last released 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. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The company had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the prior year, the business earned $0.28 earnings per share. The business’s quarterly revenue was up 55.1% compared to the same quarter last year. On average, sell-side analysts predict 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.