Pearl River Capital LLC, a financial investment firm, recently acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the first quarter of this year, as stated in their latest Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,496 shares of the cryptocurrency exchange’s stock, amounting to approximately $574,000.
Coinbase Global’s stock, trading under the symbol COIN, experienced a decline of $0.62 during Friday’s trading session, settling at $78.98. Notably, 1,428,118 shares were exchanged throughout the day, differing from its typical average volume of 16,475,492 shares traded. Analyzing the company’s financials reveals that it holds a debt-to-equity ratio of 0.58 and current and quick ratios both at 1.04 respectively.
Coinbase Global has witnessed fluctuating stock prices over the past twelve months; hitting a low of $31.55 and reaching a high of $114.43 within this timeframe. Currently holding a 50-day moving average value of $84.94 and a two-hundred day moving average value of $69.26.
The market capitalization for Coinbase Global stands at approximately $18.73 billion.Due to various factors such as earnings growth prospects or industry trends affecting investor sentiment towards companies within its sector Coinbase Global is currently operating at a price-to-earnings ratio of -14.09.This figure indicates an inverse relation between its earnings performance relative to its market value as represented by negative figures.Cssentially it implies that investors have assigned negative sentiment towards its future earning prospects.Another important aspect to note about Coinbase Global is that they exhibit high volatility characteristics signified by having a beta rating of 2.72 when compared to larger equity markets
In conclusion,Pearl River Capital LLC’s recent acquisition showcases their confidence in Coinbase Global, Inc. as they purchase a significant stake in the cryptocurrency exchange. Despite recent fluctuations in COIN’s stock prices, and factors such as its high volatility and negative price-to-earnings ratio, Pearl River Capital LLC saw potential value in this investment. It will be interesting to observe how Coinbase Global performs moving forward, as it operates within a rapidly evolving digital asset landscape. Please note that these findings were based on data retrieved from our check done on September 3rd, 2023
Coinbase Global Attracts Institutional Investors and Insider Activity, Reports Positive Earnings
Coinbase Global, one of the leading cryptocurrency exchanges, has been attracting attention from various hedge funds and institutional investors. Recent modifications to their holdings of the company indicate a growing interest in the cryptocurrency market.
Vanguard Group Inc., for example, increased its position in Coinbase Global by 19.8% during the third quarter. This move resulted in Vanguard Group now owning a total of 12,786,266 shares of the company’s stock, valued at approximately $824,587,000. Similarly, ARK Investment Management LLC boosted its holdings by 28.1% in the first quarter, bringing its total ownership to 11,776,015 shares worth $795,705,000.
Sumitomo Mitsui Trust Holdings Inc. and Nikko Asset Management Americas Inc. also saw a rise in their holdings during the same period. Sumitomo Mitsui Trust Holdings increased its holdings by 17.8%, owning 8,610,945 shares worth $581,842,000. Nikko Asset Management Americas experienced an increase of 18.5% and now owns 8,298,784 shares valued at $548,550,000.
Perhaps one of the most surprising moves came from Mizuho Markets Americas LLC. The company witnessed a staggering growth rate of 9,130.6% during the first quarter alone by acquiring an additional 4,455,557 shares of Coinbase Global stock. Their total ownership now amounts to 4,504355 shares worth $162427000.
These investments from institutional investors indicate a growing confidence in Coinbase Global’s future prospects and their belief in the potential of cryptocurrencies as an asset class.
In addition to these developments with institutional investors and hedge funds’ increasing stakes in Coinbase Global comes news regarding CEO Brian Armstrong selling some of his personal shares within the business on June 20th this year.
The transaction involved Armstrong selling a significant number of shares – specifically, 29,730 – at an average price of $55.99 per share, amounting to a total value of $1,664,582.70. Disclosure of this sale was made through a filing with the Securities and Exchange Commission (SEC) and can be accessed for further details.
Furthermore, insider Paul Grewal also sold 1,818 shares in the company on July 3rd. The sale was conducted at an average price of $77.04 per share, resulting in a total transaction value of $140,058.72. Following this transaction, Grewal now holds 68,782 shares directly within the company.
These recent insider sales highlight some activity within Coinbase Global’s stock as insiders actively manage their positions. In the last ninety days alone, insiders have sold a total of 335,788 shares worth approximately $27,245,880. It is noteworthy that company insiders collectively own about 33.16% of Coinbase Global.
Moving beyond these specific investor actions and insider sales is Coinbase Global’s recent announcement regarding their quarterly earnings results on August 3rd.
During this quarter, Coinbase Global reported earnings per share (EPS) of ($0.42), surpassing analysts’ consensus estimate by $0.36. This positive result represents a notable improvement for the cryptocurrency exchange as it has evidently fared better than expected amid challenging market conditions.
Despite reporting negative net margin and return on equity figures – standing at 47.33% and 20.68%, respectively – Coinbase Global generated revenue of $707.91 million during this quarter versus analysts’ expectations of $627.60 million.
Comparing it to the same period in the previous year when EPS stood at ($4.95), the decline in revenue was also mitigated to only 12.4%. These results provide investors with cautious optimism about Coinbase Global’s performance despite broader market challenges affecting profitability.
In light of these developments, analysts have begun to comment on Coinbase Global’s stock. Compass Point, for instance, raised its target price from $100.00 to $145.00 and labeled the stock as a “buy” in a report released on July 19th.
Piper Sandler also revised its target price from $60.00 to $80.00 and categorized the stock as “neutral” in a report published on August 4th. JPMorgan Chase & Co., meanwhile, increased their target price from $59.00 to $61.00 and gave the stock a “neutral” rating in their report on August 2nd.
Canaccord Genuity Group has taken an even more bullish stance by raising its target price from $70.00 to $140.00 and recommending investors to “buy” shares of Coinbase Global based on their analysis provided on August 1st.
However, not all analysts share this optimistic sentiment towards the company’s future prospects. Barclays, for example, maintains an “underweight” rating on Coinbase Global stock with a price objective of $70.00 according to their report released on August 4th.
According to information sourced from Bloomberg.com, Coinbase Global currently holds an average consensus rating of “Hold” from analysts