Frank Rimerman Advisors LLC Raises Stock Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Frank Rimerman Advisors LLC boosted its position in Coinbase Global, Inc. (NASDAQ:COIN) by 342.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,412 shares of the cryptocurrency exchange’s stock after purchasing an additional 1,093 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Coinbase Global were worth $314,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Sei Investments Co. grew its stake in shares of Coinbase Global by 22.3% in the 2nd quarter. Sei Investments Co. now owns 12,128 shares of the cryptocurrency exchange’s stock worth $2,694,000 after buying an additional 2,212 shares during the last quarter. Skandinaviska Enskilda Banken AB publ boosted its holdings in Coinbase Global by 8.6% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 37,825 shares of the cryptocurrency exchange’s stock worth $8,399,000 after acquiring an additional 3,002 shares in the last quarter. AE Wealth Management LLC grew its stake in shares of Coinbase Global by 17.9% in the second quarter. AE Wealth Management LLC now owns 941 shares of the cryptocurrency exchange’s stock worth $209,000 after acquiring an additional 143 shares during the last quarter. Hollencrest Capital Management increased its holdings in shares of Coinbase Global by 93.1% during the second quarter. Hollencrest Capital Management now owns 1,037 shares of the cryptocurrency exchange’s stock valued at $230,000 after acquiring an additional 500 shares in the last quarter. Finally, Benjamin Edwards Inc. raised its position in shares of Coinbase Global by 3.1% in the 2nd quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock worth $446,000 after purchasing an additional 61 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. JMP Securities reiterated a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a research note on Friday, August 2nd. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and upped their price objective for the company from $260.00 to $345.00 in a research report on Tuesday, July 23rd. The Goldman Sachs Group reduced their target price on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. HC Wainwright lowered their price target on Coinbase Global from $315.00 to $295.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Coinbase Global has an average rating of “Hold” and an average target price of $246.06.

Coinbase Global Price Performance

NASDAQ:COIN opened at $171.68 on Wednesday. The business’s 50-day simple moving average is $195.80 and its two-hundred day simple moving average is $220.40. Coinbase Global, Inc. has a 52 week low of $69.63 and a 52 week high of $283.48. The stock has a market cap of $42.16 billion, a PE ratio of 34.27 and a beta of 3.36. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.51.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.93). Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the business posted ($0.42) EPS. The firm’s revenue for the quarter was up 104.8% compared to the same quarter last year. As a group, analysts forecast that Coinbase Global, Inc. will post 3.96 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider now directly owns 71,195 shares of the company’s stock, valued at $16,784,221.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, COO Emilie Choi sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $223.95, for a total transaction of $335,925.00. Following the sale, the chief operating officer now directly owns 205,971 shares of the company’s stock, valued at approximately $46,127,205.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $235.75, for a total value of $2,357,500.00. Following the transaction, the insider now owns 71,195 shares of the company’s stock, valued at $16,784,221.25. 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 currently owned by corporate insiders.

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.