SRN Advisors LLC Has $2.84 Million Stake in Coinbase Global, Inc. (NASDAQ:COIN)

SRN Advisors LLC grew its position in Coinbase Global, Inc. (NASDAQ:COIN) by 10.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 12,774 shares of the cryptocurrency exchange’s stock after purchasing an additional 1,259 shares during the period. Coinbase Global makes up approximately 2.4% of SRN Advisors LLC’s holdings, making the stock its 5th biggest position. SRN Advisors LLC’s holdings in Coinbase Global were worth $2,839,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. Fifth Third Bancorp boosted its position in shares of Coinbase Global by 0.4% during the 2nd quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock valued at $2,777,000 after purchasing an additional 55 shares in the last quarter. Versant Capital Management Inc raised its position in shares of Coinbase Global by 75.0% during the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 57 shares during the period. Larson Financial Group LLC lifted its holdings in shares of Coinbase Global by 12.1% during the second quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock valued at $118,000 after purchasing an additional 57 shares during the last quarter. Benjamin Edwards Inc. boosted 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 valued at $446,000 after purchasing an additional 61 shares during the period. Finally, Capital Advisors Wealth Management LLC increased its stake in Coinbase Global by 4.6% in the 2nd quarter. Capital Advisors Wealth Management LLC now owns 1,413 shares of the cryptocurrency exchange’s stock worth $314,000 after purchasing an additional 62 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on COIN. Barclays upgraded shares of Coinbase Global from an “underweight” rating to an “equal weight” rating and decreased their target price for the stock from $206.00 to $169.00 in a report on Friday, September 6th. Canaccord Genuity Group reissued a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research report on Friday, August 2nd. Bank of America decreased their price objective 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. HC Wainwright dropped their target price 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, The Goldman Sachs Group decreased their price target on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $246.06.

Coinbase Global Price Performance

NASDAQ COIN 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 stock’s 50-day moving average is $188.17 and its two-hundred day moving average is $217.89. The firm has a market cap of $40.52 billion, a P/E ratio of 32.94 and a beta of 3.36. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.03 and a quick ratio of 1.03.

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

Insider Buying and Selling

In other news, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $220.31, for a total value of $5,083,653.25. Following the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $115,883.06. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, 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 transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $115,883.06. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Alesia J. Haas sold 4,500 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $229.09, for a total transaction of $1,030,905.00. Following the completion of the sale, the chief financial officer now owns 182,903 shares in the company, valued at $41,901,248.27. 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. Company insiders own 23.43% of the company’s stock.

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.