Caxton Associates LLP Makes New $12.62 Million Investment in Coinbase Global, Inc. $COIN

Caxton Associates LLP purchased a new position in Coinbase Global, Inc. (NASDAQ:COIN) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 36,000 shares of the cryptocurrency exchange’s stock, valued at approximately $12,618,000.

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

Insiders Place Their Bets

In related news, CEO Brian Armstrong sold 40,000 shares of the stock in a transaction on Monday, November 17th. The shares were sold at an average price of $271.87, for a total transaction of $10,874,800.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Frederick Ernest Ehrsam III sold 277,074 shares of the business’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $309.92, for a total transaction of $85,870,774.08. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 815,846 shares of company stock valued at $248,642,353. 16.56% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. decreased their target price on shares of Coinbase Global from $404.00 to $399.00 and set an “overweight” rating on the stock in a report on Friday, October 31st. Argus reaffirmed a “hold” rating on shares of Coinbase Global in a report on Tuesday, November 25th. Redburn Partners set a $417.00 price objective on Coinbase Global in a research note on Friday, October 3rd. Rosenblatt Securities upped their target price on Coinbase Global from $450.00 to $470.00 in a research note on Friday, October 31st. Finally, B. Riley lifted their price target on Coinbase Global from $185.00 to $243.00 and gave the company a “neutral” rating in a research report on Monday, November 3rd. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $394.67.

Coinbase Global Trading Down 0.6%

Shares of COIN stock opened at $267.46 on Friday. The business has a 50-day moving average price of $306.99 and a two-hundred day moving average price of $318.61. 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 firm has a market cap of $72.12 billion, a P/E ratio of 23.14 and a beta of 3.69.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 15.70% and a net margin of 41.99%.Coinbase Global’s revenue for the quarter was up 55.1% compared to the same quarter last year. During the same period last year, the firm posted $0.28 EPS. Equities analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS 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.