Creative Planning Increases Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Creative Planning boosted its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 42.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 71,545 shares of the cryptocurrency exchange’s stock after purchasing an additional 21,335 shares during the period. Creative Planning’s holdings in Coinbase Global were worth $12,747,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of COIN. Crewe Advisors LLC grew its holdings in shares of Coinbase Global by 547.4% during the second quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock valued at $27,000 after buying an additional 104 shares during the last quarter. Lynx Investment Advisory purchased a new position in shares of Coinbase Global during the second quarter worth $29,000. Concord Wealth Partners lifted its holdings in shares of Coinbase Global by 322.2% in the 1st quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after buying an additional 87 shares during the period. Geneos Wealth Management Inc. grew its holdings 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 acquiring an additional 100 shares during the period. Finally, Versant Capital Management Inc raised its position in Coinbase Global by 75.0% during the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 57 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Stock Performance

COIN opened at $213.72 on Tuesday. The firm has a market capitalization of $52.48 billion, a PE ratio of 42.66 and a beta of 3.35. 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 twelve month low of $70.42 and a twelve month high of $283.48. The firm’s 50-day moving average price is $180.60 and its 200 day moving average price is $210.90.

Coinbase Global (NASDAQ:COIN) last posted its quarterly 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 net margin of 31.46% and a return on equity of 13.89%. The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the company earned ($0.42) earnings per share. Coinbase Global’s revenue for the quarter was up 104.8% on a year-over-year basis. As a group, sell-side analysts expect that Coinbase Global, Inc. will post 3.92 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on COIN. Citigroup upgraded Coinbase Global from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $260.00 to $345.00 in a research report on Tuesday, July 23rd. Canaccord Genuity Group restated 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 shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Compass Point lowered their target price on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Finally, Barclays lifted their price target on Coinbase Global from $169.00 to $175.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $246.44.

Insiders Place Their Bets

In related news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider now owns 71,195 shares of the company’s stock, valued at approximately $16,784,221.25. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $235.75, for a total value of $2,357,500.00. Following the transaction, the insider now directly owns 71,195 shares in the company, valued at approximately $16,784,221.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gokul Rajaram sold 400 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $204.44, for a total value of $81,776.00. Following the sale, the director now directly owns 7,771 shares of the company’s stock, valued at approximately $1,588,703.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 81,187 shares of company stock valued at $15,515,794 in the last three months. 23.43% of the stock is currently owned by insiders.

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.