Plato Investment Management Ltd Makes New $739,000 Investment in Coinbase Global, Inc. (NASDAQ:COIN)

Plato Investment Management Ltd bought a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,324 shares of the cryptocurrency exchange’s stock, valued at approximately $739,000.

Other hedge funds have also made changes to their positions in the company. WINTON GROUP Ltd acquired a new stake in shares of Coinbase Global during the 2nd quarter valued at $430,000. Envestnet Asset Management Inc. grew its position in Coinbase Global by 14.8% in the second quarter. Envestnet Asset Management Inc. now owns 44,847 shares of the cryptocurrency exchange’s stock worth $9,966,000 after acquiring an additional 5,767 shares in the last quarter. Resolute Advisors LLC increased its stake in shares of Coinbase Global by 42.0% during the 2nd quarter. Resolute Advisors LLC now owns 7,100 shares of the cryptocurrency exchange’s stock worth $1,578,000 after purchasing an additional 2,100 shares during the last quarter. Allen Investment Management LLC raised its holdings in shares of Coinbase Global by 12.7% during the 2nd quarter. Allen Investment Management LLC now owns 358,306 shares of the cryptocurrency exchange’s stock valued at $79,626,000 after purchasing an additional 40,321 shares in the last quarter. Finally, Vima LLC lifted its stake in shares of Coinbase Global by 1,864.1% in the 2nd quarter. Vima LLC now owns 1,532 shares of the cryptocurrency exchange’s stock valued at $340,000 after purchasing an additional 1,454 shares during the last quarter. 68.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total transaction of $4,013,434.75. Following the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $91,487.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $219.45, for a total transaction of $2,194,500.00. Following the completion of the transaction, the insider now directly owns 71,195 shares in the company, valued at $15,623,742.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction on 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 completion of the sale, the chief executive officer now owns 526 shares in the company, valued at approximately $91,487.18. The disclosure for this sale can be found here. Insiders have sold a total of 110,062 shares of company stock valued at $22,872,039 over the last quarter. 23.43% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on COIN shares. Canaccord Genuity Group reissued a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research report on Friday, August 2nd. The Goldman Sachs Group cut their price objective on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Citigroup raised Coinbase Global from a “neutral” rating to a “buy” rating and upped their target price for the stock from $260.00 to $345.00 in a research report on Tuesday, July 23rd. Compass Point lowered their price target on Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Finally, JMP Securities restated a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $246.06.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $163.05 on Monday. The firm has a market capitalization of $40.04 billion, a PE ratio of 32.54 and a beta of 3.36. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. Coinbase Global, Inc. has a 1-year low of $69.63 and a 1-year high of $283.48. The business’s 50 day moving average is $204.20 and its 200-day moving average is $223.40.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results 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). Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the firm earned ($0.42) EPS. The firm’s quarterly revenue was up 104.8% on a year-over-year basis. Sell-side analysts predict that Coinbase Global, Inc. will post 3.96 earnings per share for the current year.

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.