Edgestream Partners L.P. Acquires 3,022 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Edgestream Partners L.P. increased its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 20.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,815 shares of the cryptocurrency exchange’s stock after purchasing an additional 3,022 shares during the period. Edgestream Partners L.P.’s holdings in Coinbase Global were worth $3,959,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of COIN. Renaissance Technologies LLC lifted its stake in Coinbase Global by 185.9% in the second quarter. Renaissance Technologies LLC now owns 1,063,117 shares of the cryptocurrency exchange’s stock valued at $236,258,000 after buying an additional 691,288 shares in the last quarter. Quantbot Technologies LP acquired a new position in Coinbase Global in the 2nd quarter worth $7,969,000. Rathbones Group PLC boosted its stake in Coinbase Global by 4.5% in the 2nd quarter. Rathbones Group PLC now owns 6,364 shares of the cryptocurrency exchange’s stock worth $1,414,000 after purchasing an additional 276 shares during the period. Plato Investment Management Ltd bought a new position in Coinbase Global during the 2nd quarter worth about $739,000. Finally, WINTON GROUP Ltd bought a new stake in shares of Coinbase Global in the second quarter valued at about $430,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Price Performance

NASDAQ:COIN opened at $162.45 on Wednesday. The firm’s fifty day moving average price is $201.87 and its two-hundred day moving average price is $222.80. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market cap of $39.89 billion, a P/E ratio of 32.43 and a beta of 3.36. Coinbase Global, Inc. has a one year low of $69.63 and a one year high of $283.48.

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

Insider Transactions at Coinbase Global

In related news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $162.24, for a total value of $243,360.00. Following the completion of the sale, the chief operating officer now directly owns 187,601 shares in the company, valued at approximately $30,436,386.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at $115,883.06. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $162.24, for a total value of $243,360.00. Following the transaction, the chief operating officer now owns 187,601 shares in the company, valued at approximately $30,436,386.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 111,562 shares of company stock worth $23,115,399. Company insiders own 23.43% of the company’s stock.

Wall Street Analyst Weigh In

COIN has been the subject of a number of research reports. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a report on Friday, August 2nd. Citigroup upgraded shares of Coinbase Global from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $260.00 to $345.00 in a report on Tuesday, July 23rd. Barclays upgraded shares of Coinbase Global from an “underweight” rating to an “equal weight” rating and reduced their target price for the stock from $206.00 to $169.00 in a report on Friday, September 6th. Needham & Company LLC reiterated a “buy” rating and issued a $260.00 price target on shares of Coinbase Global in a research note on Monday, August 5th. Finally, HC Wainwright reduced their price objective on shares of Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Coinbase Global currently has a consensus rating of “Hold” and a consensus price target of $246.06.

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.