Hennessy Advisors Inc. Takes $1.59 Million Position in Coinbase Global, Inc. (NASDAQ:COIN)

Hennessy Advisors Inc. acquired a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 6,000 shares of the cryptocurrency exchange’s stock, valued at approximately $1,591,000.

Other hedge funds have also recently made changes to their positions in the company. Mather Group LLC. purchased a new stake in Coinbase Global during the first quarter valued at approximately $32,000. Barrett & Company Inc. purchased a new stake in Coinbase Global during the fourth quarter valued at approximately $26,000. Creekmur Asset Management LLC purchased a new stake in Coinbase Global during the fourth quarter valued at approximately $27,000. Riverview Trust Co purchased a new stake in Coinbase Global during the first quarter valued at approximately $43,000. Finally, Salem Investment Counselors Inc. increased its holdings in Coinbase Global by 162.9% during the first quarter. Salem Investment Counselors Inc. now owns 184 shares of the cryptocurrency exchange’s stock valued at $49,000 after buying an additional 114 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on COIN shares. Wedbush upped their price target on shares of Coinbase Global from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. Mizuho upped their price target on shares of Coinbase Global from $84.00 to $145.00 and gave the stock an “underperform” rating in a research report on Friday, April 12th. Piper Sandler upped their price target on shares of Coinbase Global from $225.00 to $245.00 and gave the stock a “neutral” rating in a research report on Friday, April 12th. HC Wainwright reiterated a “buy” rating and issued a $315.00 price target on shares of Coinbase Global in a research report on Tuesday, June 18th. Finally, JMP Securities restated a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a research report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Coinbase Global has an average rating of “Hold” and an average price target of $215.50.

Coinbase Global Stock Down 1.1 %

Shares of NASDAQ:COIN traded down $2.45 during trading on Friday, reaching $221.55. The stock had a trading volume of 4,259,980 shares, compared to its average volume of 11,831,411. Coinbase Global, Inc. has a one year low of $68.15 and a one year high of $283.48. The company has a market capitalization of $54.41 billion, a P/E ratio of 44.34 and a beta of 3.44. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.52. The firm’s 50-day simple moving average is $227.48 and its 200 day simple moving average is $200.82.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.61. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.26 billion. As a group, research analysts expect that Coinbase Global, Inc. will post 5.01 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Paul Grewal sold 10,000 shares of the stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $219.45, for a total value of $2,194,500.00. Following the sale, the insider now owns 71,195 shares in the company, valued at $15,623,742.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Paul Grewal sold 10,000 shares of the stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $219.45, for a total value of $2,194,500.00. Following the sale, the insider now owns 71,195 shares in the company, valued at $15,623,742.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 23,075 shares of the stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $256.30, for a total transaction of $5,914,122.50. Following the completion of the sale, the chief executive officer now owns 526 shares in the company, valued at approximately $134,813.80. The disclosure for this sale can be found here. Insiders sold 360,021 shares of company stock worth $80,655,822 in the last three months. Corporate 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.