SVB Wealth LLC Purchases 6,075 Shares of Coinbase Global, Inc. $COIN

SVB Wealth LLC boosted its position in Coinbase Global, Inc. (NASDAQ:COIN) by 53.0% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 17,529 shares of the cryptocurrency exchange’s stock after purchasing an additional 6,075 shares during the period. SVB Wealth LLC’s holdings in Coinbase Global were worth $3,061,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in COIN. Brookstone Capital Management grew its holdings in shares of Coinbase Global by 28.1% in the first quarter. Brookstone Capital Management now owns 3,076 shares of the cryptocurrency exchange’s stock valued at $537,000 after acquiring an additional 675 shares in the last quarter. Triad Wealth Partners LLC lifted its holdings in Coinbase Global by 148.1% during the first quarter. Triad Wealth Partners LLC now owns 4,716 shares of the cryptocurrency exchange’s stock worth $823,000 after acquiring an additional 2,815 shares during the period. Fortem Financial Group LLC purchased a new position in Coinbase Global in the first quarter worth $227,000. Diversified Trust Co boosted its position in Coinbase Global by 388.3% in the first quarter. Diversified Trust Co now owns 9,380 shares of the cryptocurrency exchange’s stock worth $1,638,000 after purchasing an additional 7,459 shares during the last quarter. Finally, Westmount Partners LLC grew its stake in Coinbase Global by 35.2% in the 1st quarter. Westmount Partners LLC now owns 2,157 shares of the cryptocurrency exchange’s stock valued at $377,000 after purchasing an additional 561 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on COIN. Mizuho raised their target price on Coinbase Global from $170.00 to $200.00 and gave the company a “neutral” rating in a research report on Tuesday, May 12th. KeyCorp restated a “sector weight” rating on shares of Coinbase Global in a research report on Wednesday, June 17th. Benchmark restated a “buy” rating and set a $270.00 price objective on shares of Coinbase Global in a report on Wednesday, June 17th. BTIG Research reaffirmed a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a research report on Wednesday, June 17th. Finally, Bank of America dropped their target price on shares of Coinbase Global from $288.00 to $234.00 in a research note on Thursday, April 2nd. Eighteen research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $250.65.

Insider Buying and Selling

In related news, CFO Alesia J. Haas sold 10,020 shares of the business’s stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $200.00, for a total transaction of $2,004,000.00. Following the sale, the chief financial officer directly owned 377,201 shares in the company, valued at approximately $75,440,200. The trade was a 2.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 10,000 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $181.54, for a total value of $1,815,400.00. Following the sale, the director directly owned 30,000 shares in the company, valued at $5,446,200. This trade represents a 25.00% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 30,647 shares of company stock valued at $5,740,941 in the last 90 days. Corporate insiders own 16.66% of the company’s stock.

Coinbase Global Trading Up 1.0%

Shares of Coinbase Global stock opened at $164.84 on Tuesday. The stock has a market capitalization of $43.43 billion, a P/E ratio of 61.97, a P/E/G ratio of 5.76 and a beta of 3.32. Coinbase Global, Inc. has a 52-week low of $139.36 and a 52-week high of $444.64. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.14 and a current ratio of 2.14. The stock’s 50-day simple moving average is $184.20 and its 200 day simple moving average is $199.80.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($1.55). The business had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.49 billion. Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.Coinbase Global’s revenue for the quarter was down 30.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.24 EPS. As a group, research analysts anticipate that Coinbase Global, Inc. will post 1.74 EPS for the current year.

About Coinbase Global

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.