Bank of Nova Scotia Has $8.44 Million Position in Coinbase Global, Inc. $COIN

Bank of Nova Scotia increased its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 123.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 24,076 shares of the cryptocurrency exchange’s stock after purchasing an additional 13,298 shares during the quarter. Bank of Nova Scotia’s holdings in Coinbase Global were worth $8,438,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in COIN. Evelyn Partners Investment Management Europe Ltd raised its holdings 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 purchasing an additional 36 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new stake in shares of Coinbase Global during the 2nd quarter worth approximately $30,000. S Bank Fund Management Ltd bought a new stake in shares of Coinbase Global during the first quarter worth approximately $31,000. SouthState Corp raised its stake in shares of 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 buying an additional 104 shares during the last quarter. Finally, City State Bank acquired a new position in Coinbase Global in the second quarter valued at approximately $33,000. Institutional investors own 68.84% of the company’s stock.

Wall Street Analyst Weigh In

COIN has been the subject of several recent research reports. China Renaissance upped their target price on shares of Coinbase Global from $444.60 to $479.30 in a research report on Monday, November 3rd. JPMorgan Chase & Co. dropped their price objective on Coinbase Global from $404.00 to $399.00 and set an “overweight” rating for the company in a report on Friday, October 31st. 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. Rothschild & Co Redburn lowered their price target on Coinbase Global from $417.00 to $404.00 and set a “buy” rating for the company in a research note on Friday, November 28th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Coinbase Global in a research report on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $396.94.

Coinbase Global Trading Down 0.8%

Shares of NASDAQ:COIN opened at $275.09 on Thursday. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.64. The company has a quick ratio of 2.40, a current ratio of 2.40 and a debt-to-equity ratio of 0.37. The company’s fifty day simple moving average is $311.31 and its 200 day simple moving average is $318.57. The firm has a market cap of $74.18 billion, a price-to-earnings ratio of 23.80 and a beta of 3.69.

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

Insider Transactions at Coinbase Global

In related news, COO Emilie Choi sold 100,000 shares of the stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $310.88, for a total transaction of $31,088,000.00. Following the completion of the transaction, the chief operating officer directly owned 187,802 shares in the company, valued at approximately $58,383,885.76. This trade represents a 34.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $271.87, for a total transaction of $10,874,800.00. The disclosure for this sale is available in the SEC filing. Insiders sold 815,846 shares of company stock valued at $248,642,353 over the last three months. Company insiders own 16.56% of the company’s stock.

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.