Griffin Asset Management Inc. Takes $351,000 Position in Coinbase Global, Inc. (NASDAQ:COIN)

Griffin Asset Management Inc. purchased a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 1,849 shares of the cryptocurrency exchange’s stock, valued at approximately $351,000.

Several other institutional investors have also recently made changes to their positions in the company. Global Trust Asset Management LLC acquired a new stake in shares of Coinbase Global during the 1st quarter valued at about $48,000. Grassi Investment Management lifted its holdings in shares of Coinbase Global by 67.8% during the 1st quarter. Grassi Investment Management now owns 2,970 shares of the cryptocurrency exchange’s stock valued at $564,000 after buying an additional 1,200 shares during the last quarter. Carnegie Capital Asset Management LLC lifted its holdings in shares of Coinbase Global by 3.9% during the 1st quarter. Carnegie Capital Asset Management LLC now owns 66,807 shares of the cryptocurrency exchange’s stock valued at $12,684,000 after buying an additional 2,518 shares during the last quarter. Legacy Capital Partners Inc. lifted its holdings in shares of Coinbase Global by 14.5% during the 1st quarter. Legacy Capital Partners Inc. now owns 3,155 shares of the cryptocurrency exchange’s stock valued at $599,000 after buying an additional 400 shares during the last quarter. Finally, Fieldpoint Private Securities LLC raised its stake in shares of Coinbase Global by 5,000.0% in the 1st quarter. Fieldpoint Private Securities LLC now owns 1,020 shares of the cryptocurrency exchange’s stock valued at $194,000 after acquiring an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 39.01% of the company’s stock.

COIN opened at $51.91 on Thursday. The stock has a market cap of $11.39 billion, a PE ratio of 5.53 and a beta of 3.17. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.52. Coinbase Global, Inc. has a 1 year low of $40.83 and a 1 year high of $368.90. The stock’s 50 day simple moving average is $86.82 and its 200-day simple moving average is $165.01.

Coinbase Global (NASDAQ:COINGet Rating) last released its quarterly earnings data on Tuesday, May 10th. The cryptocurrency exchange reported ($1.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($2.72). The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.48 billion. Coinbase Global had a net margin of 33.63% and a return on equity of 42.39%. The business’s revenue for the quarter was down 35.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.05 earnings per share. Equities analysts forecast that Coinbase Global, Inc. will post -8.16 earnings per share for the current fiscal year.

A number of research analysts recently weighed in on COIN shares. Oppenheimer cut their price objective on Coinbase Global from $377.00 to $314.00 and set an “outperform” rating on the stock in a research note on Monday, April 18th. JMP Securities cut their price objective on Coinbase Global from $394.00 to $250.00 in a research note on Wednesday, May 11th. Citigroup cut their price objective on Coinbase Global from $300.00 to $275.00 and set a “buy” rating on the stock in a research note on Tuesday, March 22nd. DA Davidson cut their price objective on Coinbase Global from $225.00 to $160.00 in a research note on Tuesday, May 10th. Finally, Canaccord Genuity Group cut their price objective on Coinbase Global from $275.00 to $120.00 in a research note on Wednesday, May 11th. Five research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $203.65.

In related news, insider Paul Grewal sold 1,090 shares of the business’s stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $67.26, for a total value of $73,313.40. Following the sale, the insider now owns 43,220 shares of the company’s stock, valued at approximately $2,906,977.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Frederick Ernest Ehrsam III acquired 385,260 shares of Coinbase Global stock in a transaction on Tuesday, May 17th. The stock was acquired at an average cost of $64.93 per share, for a total transaction of $25,014,931.80. Following the purchase, the director now owns 1,091,814 shares of the company’s stock, valued at approximately $70,891,483.02. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 1,121,844 shares of company stock worth $76,837,576. 36.10% of the stock is owned by insiders.

Coinbase Global Company Profile (Get Rating)

Coinbase Global, Inc provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment.

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Institutional Ownership by Quarter for Coinbase Global (NASDAQ:COIN)

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