Renaissance Technologies LLC Has $236.26 Million Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Renaissance Technologies LLC raised its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 185.9% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,063,117 shares of the cryptocurrency exchange’s stock after buying an additional 691,288 shares during the period. Renaissance Technologies LLC’s holdings in Coinbase Global were worth $236,258,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Coinbase Global by 18.4% in the 1st quarter. Vanguard Group Inc. now owns 16,906,269 shares of the cryptocurrency exchange’s stock valued at $4,482,190,000 after acquiring an additional 2,624,989 shares during the period. Cowen AND Company LLC grew its holdings in shares of Coinbase Global by 1.5% in 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. Norges Bank acquired a new position in shares of Coinbase Global in the 4th quarter valued at $202,936,000. Canada Pension Plan Investment Board increased its position in shares of Coinbase Global by 1,186.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 527,512 shares of the cryptocurrency exchange’s stock valued at $139,854,000 after buying an additional 486,512 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in Coinbase Global by 1,136.7% during the 2nd quarter. American Century Companies Inc. now owns 474,234 shares of the cryptocurrency exchange’s stock worth $105,389,000 after buying an additional 435,886 shares during the period. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Stock Up 0.1 %

Shares of COIN opened at $163.05 on Monday. The firm has a market cap of $40.04 billion, a P/E ratio of 32.54 and a beta of 3.36. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 1.03. Coinbase Global, Inc. has a 52 week low of $69.63 and a 52 week high of $283.48. The firm’s 50-day simple moving average is $204.20 and its 200 day simple moving average is $223.40.

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

Insider Transactions at Coinbase Global

In related news, CEO Brian Armstrong sold 23,075 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total value of $4,013,434.75. Following the transaction, the chief executive officer now directly owns 526 shares in the company, valued at $91,487.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Paul Grewal sold 16,962 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the sale, the insider now owns 75,556 shares of the company’s stock, valued at $15,637,069.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total value of $4,013,434.75. Following the completion of the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $91,487.18. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 110,062 shares of company stock valued at $22,872,039. 23.43% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on COIN. HC Wainwright lowered their price target on Coinbase Global from $315.00 to $295.00 and set a “buy” rating for the company in a report on Friday, August 2nd. JMP Securities restated a “market outperform” rating and set a $320.00 target price on shares of Coinbase Global in a report on Friday, August 2nd. Barclays raised shares of Coinbase Global from an “underweight” rating to an “equal weight” rating and lowered their price objective for the stock from $206.00 to $169.00 in a research report on Friday, September 6th. Bank of America cut their price target on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Finally, Compass Point reduced their target price on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $246.06.

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.