Concentric Capital Strategies LP Acquires 7,596 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Concentric Capital Strategies LP lifted its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 78.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,244 shares of the cryptocurrency exchange’s stock after buying an additional 7,596 shares during the period. Concentric Capital Strategies LP’s holdings in Coinbase Global were worth $3,072,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Coinbase Global by 2.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock worth $570,341,000 after acquiring an additional 71,398 shares during the period. Cowen AND Company LLC lifted its holdings in shares of Coinbase Global by 1.5% during the 2nd quarter. Cowen AND Company LLC now owns 1,488,975 shares of the cryptocurrency exchange’s stock valued at $330,895,000 after buying an additional 22,071 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Coinbase Global by 185.9% during the 2nd 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 during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Coinbase Global by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock worth $163,752,000 after buying an additional 52,856 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Coinbase Global by 1,136.7% in the second quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock worth $105,389,000 after acquiring an additional 435,886 shares during the period. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $302.40 on Tuesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. Coinbase Global, Inc. has a 12 month low of $114.51 and a 12 month high of $341.75. The stock has a 50 day moving average of $228.17 and a 200 day moving average of $218.63. The firm has a market cap of $75.71 billion, a PE ratio of 51.60 and a beta of 3.34.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same period last year, the business posted ($0.01) earnings per share. On average, research analysts expect that Coinbase Global, Inc. will post 4.44 EPS for the current fiscal year.

Analyst Ratings Changes

COIN has been the topic of several research reports. Oppenheimer raised their target price on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research report on Monday, November 25th. Monness Crespi & Hardt began coverage on shares of Coinbase Global in a report on Monday, October 28th. They set a “buy” rating and a $245.00 target price for the company. B. Riley initiated coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target on the stock. Canaccord Genuity Group reissued a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research report on Thursday, October 31st. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $245.00 target price on shares of Coinbase Global in a report on Friday, November 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $265.33.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at $172,528. The trade was a 99.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Grewal sold 7,104 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $307.80, for a total transaction of $2,186,611.20. Following the completion of the sale, the insider now owns 79,407 shares of the company’s stock, valued at $24,441,474.60. This trade represents a 8.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 206,644 shares of company stock worth $59,887,556 in the last three months. Insiders own 23.43% of the company’s stock.

Coinbase Global Company 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.