RWQ Financial Management Services Inc. Takes Position in Coinbase Global, Inc. $COIN

RWQ Financial Management Services Inc. purchased a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 11,850 shares of the cryptocurrency exchange’s stock, valued at approximately $4,153,000. Coinbase Global makes up about 1.7% of RWQ Financial Management Services Inc.’s investment portfolio, making the stock its 17th biggest position.

Other hedge funds also recently made changes to their positions in the company. Bessemer Group Inc. increased its holdings in Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock worth $26,000 after purchasing an additional 113 shares in the last quarter. McClarren Financial Advisors Inc. purchased a new position in Coinbase Global in the first quarter worth $30,000. S Bank Fund Management Ltd purchased a new position in shares of Coinbase Global during the 1st quarter valued at $31,000. SouthState Corp lifted its position in shares of Coinbase Global by 128.4% during the 1st quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange’s stock valued at $32,000 after buying an additional 104 shares during the last quarter. Finally, NBT Bank N A NY bought a new stake in shares of Coinbase Global during the 1st quarter valued at $33,000. 68.84% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $345.88, for a total transaction of $3,458,800.00. Following the sale, the insider directly owned 82,328 shares of the company’s stock, valued at $28,475,608.64. The trade was a 10.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Brian Armstrong sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $361.32, for a total value of $9,033,000.00. Following the sale, the chief executive officer directly owned 526 shares in the company, valued at $190,054.32. The trade was a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 205,657 shares of company stock valued at $67,479,576 over the last ninety days. 17.65% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on COIN. Benchmark upped their target price on Coinbase Global from $301.00 to $421.00 and gave the stock a “buy” rating in a research note on Monday, June 23rd. Williams Trading set a $405.00 price objective on Coinbase Global in a report on Thursday, July 31st. Barclays lowered their target price on Coinbase Global from $365.00 to $361.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 8th. Rothschild & Co Redburn upgraded Coinbase Global from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $325.00 to $417.00 in a research note on Friday, October 3rd. Finally, Keefe, Bruyette & Woods reduced their target price on Coinbase Global from $355.00 to $335.00 and set a “market perform” rating for the company in a report on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $367.94.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $336.02 on Friday. The stock’s 50-day simple moving average is $328.26 and its 200-day simple moving average is $292.66. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $444.64. The company has a market capitalization of $86.34 billion, a price-to-earnings ratio of 32.50 and a beta of 3.68. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.79). The business had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. Coinbase Global’s revenue was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.14 earnings per share. As a group, analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal 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.