Lazari Capital Management Inc. Raises Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Lazari Capital Management Inc. lifted its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 8.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,692 shares of the cryptocurrency exchange’s stock after buying an additional 211 shares during the quarter. Lazari Capital Management Inc.’s holdings in Coinbase Global were worth $598,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Coinbase Global by 18.4% during the first quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock worth $4,482,190,000 after purchasing an additional 2,624,989 shares in the last quarter. Cowen AND Company LLC boosted its position in Coinbase Global by 1.5% during the second quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock worth $330,895,000 after purchasing an additional 22,071 shares in the last quarter. Renaissance Technologies LLC boosted its position in Coinbase Global by 185.9% during the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock worth $236,258,000 after purchasing an additional 691,288 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in Coinbase Global by 1,186.6% during the first quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock worth $139,854,000 after purchasing an additional 486,512 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Coinbase Global by 1,136.7% in the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock valued at $105,389,000 after acquiring an additional 435,886 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Down 7.4 %

Coinbase Global stock opened at $165.01 on Wednesday. Coinbase Global, Inc. has a fifty-two week low of $70.41 and a fifty-two week high of $283.48. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $40.52 billion, a P/E ratio of 32.94 and a beta of 3.36. The stock has a 50-day simple moving average of $188.17 and a 200-day simple moving average of $217.89.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share 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 firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the previous year, the firm posted ($0.42) earnings per share. The firm’s revenue for the quarter was up 104.8% on a year-over-year basis. Equities research analysts expect that Coinbase Global, Inc. will post 3.96 earnings per share for the current year.

Insider Activity

In other news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $170.10, for a total value of $1,701,000.00. Following the completion of the sale, the insider now directly owns 74,956 shares of the company’s stock, valued at approximately $12,750,015.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $229.70, for a total value of $344,550.00. Following the transaction, the chief operating officer now owns 196,471 shares in the company, valued at approximately $45,129,388.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $170.10, for a total value of $1,701,000.00. Following the transaction, the insider now owns 74,956 shares in the company, valued at approximately $12,750,015.60. The disclosure for this sale can be found here. In the last three months, insiders sold 101,612 shares of company stock valued at $20,326,489. Insiders own 23.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on COIN. Compass Point decreased their target price on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research report on Friday, August 2nd. Barclays upgraded Coinbase Global from an “underweight” rating to an “equal weight” rating and reduced their price objective for the stock from $206.00 to $169.00 in a research report on Friday, September 6th. The Goldman Sachs Group reduced their price objective on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. Finally, Bank of America reduced their price objective on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock 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 assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $246.06.

Coinbase Global 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.