Convergence Investment Partners LLC lifted its position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 108.1% during the 2nd quarter
Convergence Investment Partners LLC boosted its stake in Coinbase Global, Inc. (NASDAQ:COIN) shares by 108.1% during Q2, according to its latest SEC filing. The fund owned 5,804 shares of the cryptocurrency exchange's stock after purchasing an additional 3,015 shares during the period. Convergence Investment Partners LLC's holdings in Coinbase Global were valued at $1,290,000 as of its latest SEC filing.
Several other institutional investors and hedge funds also modified their holdings of COIN. Creekmur Asset Management LLC began a new position in shares of Coinbase Global during Q4 valued at about $27,000. Crewe Advisors LLC increased its holdings in Coinbase Global by 547.4% during Q2. Crewe Advisors LLC now holds 123 shares of the cryptocurrency exchange's stock valued at $27,000 after purchasing an additional 104 shares during the last quarter. Lynx Investment Advisory began a new position in Coinbase Global during Q2 valued at about $29,000. Concord Wealth Partners increased its holdings in Coinbase Global by 322.2% during Q1. Concord Wealth Partners now holds 114 shares of the cryptocurrency exchange's stock valued at $30,000 after purchasing an additional 87 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in Coinbase Global by 833.3% during Q1. Geneos Wealth Management Inc. now holds 112 shares of the cryptocurrency exchange's stock valued at $30,000 after purchasing an additional 100 shares during the last quarter.
Relative to the company, hedge funds and other institutional investors own 68.84% of the company's stock.
Coinbase Global Price Performance
Coinbase Global (NASDAQ:COIN) shares are trading down $4.92 midday Monday at $183.36. The company's stock had a trading volume of 7,307,100 shares, compared to its average volume of 10,762,271. The firm has a 50-day moving average price of $216.40 and a 200 day moving average price of $224.62. The stock has a market capitalization of $45.03 billion, a price-to-earnings ratio of 36.60 and a beta of 3.40. 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, Inc. has a fifty-two week low of $69.63 and a fifty-two week high of $283.48.
Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, August 1. The cryptocurrency exchange had ($0.93) earnings per share (EPS) for the quarter, below the consensus estimate of $1.07 by ($0.14). The company had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The company's revenue for the quarter was up 104.8% year-over-year. During the same period in the prior year, the company earned ($0.42) EPS. On average, research analysts expect that Coinbase Global, Inc. will post 4.28 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Coinbase Global had a variety of research analyst ratings in the past three months. The Goldman Sachs Group dropped their price target on shares of Coinbase Global from $255.00 to $215.00 and set a "neutral" rating for the company in a research report on Thursday, July 11. Needham & Company LLC maintained a "buy" rating and set a $260.00 price target on shares of Coinbase Global in a research report on Monday, August 5. Barclays raised their price target on shares of Coinbase Global from $196.00 to $206.00 and gave the stock an "underweight" rating in a research report on Friday, August 2. Citigroup upgraded shares of Coinbase Global from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $260.00 to $345.00 in a research report on Tuesday, July 23. Finally, Compass Point dropped their price objective on shares of Coinbase Global from $3