The Vanguard Group, Inc. recently announced the acquisition of new stake in Coinbase Global Inc (NASDAQ:COIN). The institutional investor has increased its shareholding in the Financial company by 1.28% to 13.65 million shares with purchase of 0.17 million shares. This fresh investment now brings its stake to 7.11% valued currently at $1.7 billion. In addition, BlackRock Fund Advisors raised its holdings by 0.19 million to 6.38 million shares. And SSgA Funds Management, Inc. has lifted its position by 6.45% or 0.23 million shares – to 3.87 million shares.
With over 10.81 million Coinbase Global Inc (COIN) shares trading Friday and a closing price of $153.98 on the day, the dollar volume was approximately $1.66 billion. The shares have shown a positive half year performance of 95.60% and its price on 01/05/24 lost nearly -1.04%. Currently, there are 182.80M common shares owned by the public and among those 168.39M shares have been available to trade.
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Insiders at the company have transacted a total of 167 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 71 of these insider trades were purchases, accounting for 709,536 shares. Insider sales of the common stock occurred on 96 occasions, with total insider shares sold totaling 647,029 shares.
The top 3 mutual fund holders in Coinbase Global Inc are ARK Innovation ETF, Vanguard Total Stock Market ETF, and Vanguard Mid Cap Index Fund. ARK Innovation ETF owns 6.67 million shares of the company’s stock, all valued at over $832.42 million. The company sold 50778.0 shares recently to bring their total holdings to about 3.48% of the shares outstanding. Vanguard Total Stock Market ETF bought 5772.0 shares to see its total holdings expand to 4.76 million shares valued at over $593.75 million and representing 2.48% of the shares outstanding. Vanguard Mid Cap Index Fund bought 25116.0 shares to bring its total holdings to over 3.05 million shares at a value of $380.33 million. Vanguard Mid Cap Index Fund now owns shares totaling to 1.59% of the shares outstanding.
Shares of Coinbase Global Inc (NASDAQ: COIN) opened at $152.67, down -$2.93 from a prior closing price of $155.60. The company’s stock has a 5-day price change of -17.37% and 106.35% over the past three months. COIN shares are trading -11.47% year to date (YTD), with the 12-month market performance up to 308.44% higher. It has a 12-month low price of $31.55 and touched a high of $187.39 over the same period. COIN has an average intraday trading volume of 11.67 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.21%, 25.52%, and 81.47% respectively.
Institutional ownership of Coinbase Global Inc (NASDAQ: COIN) shares accounts for 40.16% of the company’s 182.80M shares outstanding. Mutual fund holders own 26.38%, while other institutional holders and individual stakeholders account for 5.94% and 23.76% respectively.
It has a market capitalization of $36.84B and a beta (3y monthly) value of 3.19. The earnings-per-share (ttm) stands at -$3.23. The company has a debt-to-equity ratio at 0.55. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.74% over the week and 6.60% over the month.
Analysts forecast that Coinbase Global Inc (COIN) will achieve an EPS of $0 for the current quarter, -$0.01 for the next quarter and -$0.02 for 2024. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0. Comparatively, EPS for the current quarter was -$0.16 a year ago. Earnings per share for the fiscal year are expected to increase by 93.04%, and 121.10% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 26 brokerage firm advisors rate Coinbase Global Inc (COIN) as a “Moderate Buy” at a consensus score of 2.92. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 10 of the 26 advise that investors “hold,” and 6 rated it as a “Sell.”
Looking at the support for the COIN, a number of firms have released research notes about the stock. JMP Securities stated their Mkt Outperform rating for the stock in a research note on December 22, 2023, with the firm’s price target at $107-$200.
