Gateway Advisory LLC Grows Stock Position in Coinbase Global, Inc. (NASDAQ:COIN)

Gateway Advisory LLC grew its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 3.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,719 shares of the cryptocurrency exchange’s stock after purchasing an additional 141 shares during the quarter. Gateway Advisory LLC’s holdings in Coinbase Global were worth $1,049,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of COIN. Geneos Wealth Management Inc. lifted its position in Coinbase Global by 833.3% during the first quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 100 shares in the last quarter. Concord Wealth Partners grew its holdings in shares of Coinbase Global by 322.2% in the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after purchasing an additional 87 shares during the period. Mather Group LLC. acquired a new stake in Coinbase Global during the first quarter worth about $32,000. Crewe Advisors LLC raised its stake in Coinbase Global by 547.4% during the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after purchasing an additional 104 shares during the period. Finally, Lynx Investment Advisory purchased a new stake in shares of Coinbase Global in the 2nd quarter valued at approximately $29,000. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $220.31, for a total value of $5,083,653.25. Following the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $115,883.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $235.75, for a total transaction of $2,357,500.00. Following the transaction, the insider now directly owns 71,195 shares in the company, valued at $16,784,221.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 23,075 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $220.31, for a total transaction of $5,083,653.25. Following the completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $115,883.06. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 101,562 shares of company stock valued at $20,920,899. 23.43% of the stock is owned by corporate insiders.

Coinbase Global Stock Performance

Shares of COIN stock opened at $170.22 on Tuesday. The company has a market cap of $41.80 billion, a P/E ratio of 33.98 and a beta of 3.36. The firm has a fifty day moving average price of $197.39 and a 200 day moving average price of $221.00. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. Coinbase Global, Inc. has a 12 month low of $69.63 and a 12 month high of $283.48.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The business had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The company’s revenue was up 104.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.42) EPS. Sell-side analysts predict that Coinbase Global, Inc. will post 3.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

COIN has been the topic of a number of recent analyst reports. JMP Securities reiterated a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a report on Friday, August 2nd. Barclays raised shares of Coinbase Global from an “underweight” rating to an “equal weight” rating and lowered their target price for the stock from $206.00 to $169.00 in a research note on Friday, September 6th. The Goldman Sachs Group decreased their price objective on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and lifted their target price for the company from $260.00 to $345.00 in a report on Tuesday, July 23rd. Finally, Bank of America lowered their price target on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $246.06.

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.