Hillman Co. Acquires Stake in Cryptocurrency Giant Coinbase Global

Hillman Co. purchased a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the fourth quarter, according to the company's most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 112,582 shares of the cryptocurrency exchange's stock, valued at approximately $19,580,000. Coinbase Global comprises 9.2% of Hillman Co.'s holdings, making the stock its 6th biggest holding.

Hillman Co. Acquires Stake in Coinbase Global

Hillman Co. has disclosed its acquisition of a new position in Coinbase Global, Inc. (NASDAQ: COIN) during the fourth quarter, as per its latest Form 13F filing with the Securities and Exchange Commission (SEC). The fund invested approximately $19,580,000 in 112,582 shares of the cryptocurrency exchange, representing 9.2% of Hillman Co.'s holdings and making Coinbase Global its sixth largest investment.

Institutional Investor Activity

Other institutional investors have also adjusted their positions in Coinbase Global. Ancora Advisors LLC increased its stake by 144.0% during the fourth quarter, now holding 737 shares worth $26,000 after acquiring an additional 435 shares. Tyler Stone Wealth Management established a new position in Coinbase Global in the second quarter, valued at around $31,000. Bessemer Group Inc. doubled its position in the fourth quarter, now owning 1,000 shares worth $36,000 after acquiring an additional 500 shares. ICA Group Wealth Management LLC initiated a new position in the fourth quarter, valued at approximately $36,000. Money Concepts Capital Corp. significantly increased its position by 1,120.7% in the fourth quarter, now holding 1,355 shares worth $48,000 after acquiring an additional 1,244 shares.

Institutional investors collectively hold 45.96% of Coinbase Global's outstanding shares.

Coinbase Global Stock Performance

COIN stock traded lower on Friday, closing at $255.51 with a decline of $6.49. The company experienced a trading volume of 9,828,192 shares, below its average volume of 17,100,980. The stock's 50-day moving average is $177.35, while its 200-day moving average is $132.55.

Coinbase Global has a market capitalization of $61.90 billion, a price-to-earnings (PE) ratio of 946.33, and a beta of 3.36. The company's current ratio and quick ratio are both 1.03, and its debt-to-equity ratio is 0.47. Over the past 12 months, the stock has ranged between $46.43 and $276.38.

Financial Results

Coinbase Global released its quarterly earnings report on February 15th, reporting an earnings per share (EPS) of $1.04 for the quarter, exceeding the consensus estimate of ($0.09) by $1.13. Revenue for the quarter was $953.80 million, surpassing the consensus estimate of $826.10 million. Coinbase Global reported a net margin of 3.05% and a return on equity of 3.54%. Year-over-year, the company's revenue grew by 51.6%. In the same period of the previous year, the company had an EPS of ($2.46). Analysts project that Coinbase Global will generate EPS of 1.68 for the current fiscal year.

Analyst Commentary

Several equity analysts have provided their perspectives on Coinbase Global. Raymond James upgraded the stock from "underperform" to "market perform" on March 12th. Oppenheimer raised its price target from $160.00 to $200.00 and maintained an "outperform" rating on February 16th. Piper Sandler increased its price target from $125.00 to $165.00 and assigned a "neutral" rating on February 16th. Mizuho upgraded its price target from $60.00 to $84.00 and maintained an "underperform" rating on February 22nd. JPMorgan Chase & Co. raised its price target from $95.00 to $150.00 and maintained a "neutral" rating on March 15th.

Consensus ratings among analysts include four "sell" ratings, eight "hold" ratings, and nine "buy" ratings. MarketBeat data indicates a consensus rating of "Hold" and a consensus price target of $131.52.

Insider Transactions

CFO Alesia J. Haas sold 64,000 shares of Coinbase Global on March 5th at an average price of $228.45, totaling $14,620,800.00. Following the transaction, Haas directly owns 219,490 shares, valued at $50,142,490.50. Director Gokul Rajaram also sold 1,145 shares on March 21st at an average price of $260.00, totaling $297,700.00. Rajaram now owns 4,833 shares, valued at $1,256,580.

Over the past three months, insiders have sold a total of 844,406 shares of Coinbase Global, valued at $129,339,482. Corporate insiders hold 33.16% of the company's outstanding shares.

Company Profile

Coinbase Global, Inc. provides financial infrastructure and technology for the cryptocurrency economy globally. The company offers a primary financial account in the crypto economy for consumers and a marketplace with a liquidity pool for institutional crypto asset transactions.