Rheos Capital Works Inc. Increases Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Rheos Capital Works Inc. lifted its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 247.1% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 59,000 shares of the cryptocurrency exchange’s stock after acquiring an additional 42,000 shares during the period. Rheos Capital Works Inc.’s holdings in Coinbase Global were worth $10,512,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of COIN. B. Riley Wealth Advisors Inc. raised its position in shares of Coinbase Global by 59.0% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 8,668 shares of the cryptocurrency exchange’s stock valued at $1,508,000 after purchasing an additional 3,218 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Coinbase Global by 12.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,640 shares of the cryptocurrency exchange’s stock worth $981,000 after buying an additional 610 shares during the period. HighPoint Advisor Group LLC acquired a new position in Coinbase Global in the 4th quarter worth approximately $473,000. Los Angeles Capital Management LLC acquired a new position in Coinbase Global in the 1st quarter worth approximately $294,000. Finally, Mather Group LLC. acquired a new position in Coinbase Global in the 1st quarter worth approximately $32,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Trading Up 7.2 %

Shares of NASDAQ:COIN opened at $210.48 on Thursday. Coinbase Global, Inc. has a 1 year low of $70.42 and a 1 year high of $283.48. The firm has a market capitalization of $51.69 billion, a price-to-earnings ratio of 42.01 and a beta of 3.35. 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 business’s 50 day moving average price is $179.44 and its 200-day moving average price is $211.95.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.93). The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 13.89%. The company’s revenue for the quarter was up 104.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.42) EPS. On average, equities research analysts forecast that Coinbase Global, Inc. will post 3.92 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on COIN. The Goldman Sachs Group cut their price target on shares of Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. Barclays increased their price target on shares of Coinbase Global from $169.00 to $175.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a report on Friday, August 2nd. Compass Point cut their price target on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Finally, Citigroup raised shares of Coinbase Global from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $260.00 to $345.00 in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $246.44.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 23,075 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was 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 owns 526 shares in the company, valued at approximately $91,487.18. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $91,487.18. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $235.75, for a total transaction of $2,357,500.00. Following the transaction, the insider now directly owns 71,195 shares in the company, valued at approximately $16,784,221.25. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 75,537 shares of company stock worth $14,408,955. Corporate insiders own 23.43% of the company’s stock.

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.