Cannon Global Investment Management LLC Makes New Investment in Coinbase Global, Inc. (NASDAQ:COIN)

Cannon Global Investment Management LLC acquired a new position in Coinbase Global, Inc. (NASDAQ:COIN) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,500 shares of the cryptocurrency exchange’s stock, valued at approximately $267,000.

Other institutional investors have also added to or reduced their stakes in the company. Global Retirement Partners LLC raised its holdings in Coinbase Global by 135.1% in the 3rd quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after purchasing an additional 1,540 shares in the last quarter. Sanctuary Advisors LLC bought a new position in shares of Coinbase Global in the 2nd quarter worth about $2,908,000. Intech Investment Management LLC increased its stake in shares of Coinbase Global by 454.3% in the 1st quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock worth $10,752,000 after acquiring an additional 33,240 shares in the last quarter. QRG Capital Management Inc. increased its stake in shares of Coinbase Global by 130.5% in the 2nd quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock worth $2,156,000 after acquiring an additional 5,493 shares in the last quarter. Finally, Blue Trust Inc. increased its stake in shares of Coinbase Global by 122.2% in the 3rd quarter. Blue Trust Inc. now owns 7,503 shares of the cryptocurrency exchange’s stock worth $1,337,000 after acquiring an additional 4,127 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Stock Performance

NASDAQ COIN traded up $3.63 during trading hours on Friday, hitting $182.88. 14,443,372 shares of the company’s stock traded hands, compared to its average volume of 10,663,046. The business’s fifty day moving average price is $180.98 and its two-hundred day moving average price is $208.66. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $45.44 billion, a P/E ratio of 31.21 and a beta of 3.33. Coinbase Global, Inc. has a 52 week low of $80.81 and a 52 week high of $283.48.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business’s quarterly revenue was up 78.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.01) earnings per share. Equities research analysts predict that Coinbase Global, Inc. will post 4.02 EPS for the current year.

Insider Activity at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 16,962 shares of Coinbase Global stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the transaction, the insider now owns 75,556 shares of the company’s stock, valued at $15,637,069.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Coinbase Global news, insider Paul Grewal sold 16,962 shares of Coinbase Global stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the transaction, the insider now owns 75,556 shares of the company’s stock, valued at $15,637,069.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Emilie Choi sold 1,500 shares of Coinbase Global stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $188.94, for a total transaction of $283,410.00. Following the transaction, the chief operating officer now directly owns 197,101 shares in the company, valued at $37,240,262.94. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 79,687 shares of company stock worth $14,908,594. 23.43% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on COIN. Bank of America increased their price target on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a research note on Thursday. Piper Sandler reaffirmed a “neutral” rating and issued a $245.00 target price on shares of Coinbase Global in a report on Friday. JMP Securities reaffirmed a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a report on Wednesday, October 9th. Citigroup raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $260.00 to $345.00 in a report on Tuesday, July 23rd. Finally, Needham & Company LLC lifted their target price on shares of Coinbase Global from $260.00 to $290.00 and gave the stock a “buy” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, Coinbase Global currently has a consensus rating of “Hold” and a consensus target price of $246.28.

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.