Rheos Capital Works Inc. Acquires 42,000 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Rheos Capital Works Inc. raised its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 247.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 59,000 shares of the cryptocurrency exchange’s stock after buying an additional 42,000 shares during the quarter. Rheos Capital Works Inc.’s holdings in Coinbase Global were worth $10,512,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Salem Investment Counselors Inc. grew its position in shares of Coinbase Global by 162.9% in the 1st quarter. Salem Investment Counselors Inc. now owns 184 shares of the cryptocurrency exchange’s stock worth $49,000 after buying an additional 114 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Coinbase Global in the 2nd quarter worth approximately $2,908,000. Intech Investment Management LLC grew its position in shares of Coinbase Global by 454.3% in the 1st quarter. Intech Investment Management LLC now owns 40,556 shares of the cryptocurrency exchange’s stock worth $10,752,000 after buying an additional 33,240 shares during the last quarter. Paragon Capital Management Ltd grew its position in shares of Coinbase Global by 58.6% in the 1st quarter. Paragon Capital Management Ltd now owns 231,660 shares of the cryptocurrency exchange’s stock worth $61,418,000 after buying an additional 85,573 shares during the last quarter. Finally, QRG Capital Management Inc. boosted its position in shares of Coinbase Global by 130.5% during the second quarter. QRG Capital Management Inc. now owns 9,703 shares of the cryptocurrency exchange’s stock valued at $2,156,000 after purchasing an additional 5,493 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group reduced their price target 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. Compass Point lowered their price target on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Canaccord Genuity Group reissued a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research report on Friday, August 2nd. Bank of America reduced their price target on shares of Coinbase Global from $263.00 to $246.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Finally, JMP Securities reiterated a “market outperform” rating and issued a $320.00 price target on shares of Coinbase Global in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Coinbase Global has a consensus rating of “Hold” and a consensus price target of $246.44.

Coinbase Global Stock Up 7.2 %

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 company has a 50-day moving average of $179.44 and a 200 day moving average of $211.95. The firm has a market cap of $51.69 billion, a PE 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.

Coinbase Global (NASDAQ:COIN) last released 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). 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 during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period last year, the company earned ($0.42) earnings per share. The firm’s revenue was up 104.8% compared to the same quarter last year. As a group, research analysts anticipate that Coinbase Global, Inc. will post 3.92 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the 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 completion of the sale, the insider now directly owns 71,195 shares of the company’s stock, valued at approximately $16,784,221.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the 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 completion of the sale, the insider now directly owns 71,195 shares of the company’s stock, valued at approximately $16,784,221.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Emilie Choi sold 1,500 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $233.00, for a total transaction of $349,500.00. Following the sale, the chief operating officer now directly owns 194,971 shares of the company’s stock, valued at approximately $45,428,243. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 75,537 shares of company stock valued at $14,408,955. 23.43% of the stock is currently owned by insiders.

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.