Concentric Capital Strategies LP Increases Stake in Coinbase Global, Inc.

Concentric Capital Strategies LP has significantly increased its investment in Coinbase Global, Inc. (NASDAQ:COIN) by 78.7% in the third quarter. This information is revealed in the fund's latest Form 13F filing submitted to the Securities and Exchange Commission (SEC). Following this increase, Concentric Capital now holds a total of 17,244 shares of the cryptocurrency exchange, after acquiring an additional 7,596 shares during the period. As of the recent reporting period, these holdings are valued at approximately $3,072,000.

Numerous other significant investors have also made moves with Coinbase Global's stock recently. For example, Sumitomo Mitsui Trust Group Inc. increased its holdings in Coinbase Global by 2.3% in the third quarter, now owning 3,201,106 shares, worth about $570,341,000, after adding 71,398 shares. Likewise, Cowen AND Company LLC raised its position by 1.5% in the second quarter, currently owning 1,488,975 shares valued at around $330,895,000 after purchasing an additional 22,071 shares.

Renaissance Technologies LLC saw a dramatic increase, boosting its holdings in Coinbase Global by 185.9% during the same quarter, now owning 1,063,117 shares valued at approximately $236,258,000 following a purchase of 691,288 additional shares. Meanwhile, Charles Schwab Investment Management Inc. raised its position in the third quarter by 6.1%, owning 919,078 shares worth $163,752,000 after acquiring another 52,856 shares.

American Century Companies Inc. made a remarkable increase in its holdings during the second quarter, growing by 1,136.7%. The firm now owns 474,234 shares valued at $105,389,000, after acquiring 435,886 additional shares. Overall, institutional investors currently hold 68.84% of Coinbase Global's stock.

Current Stock Performance

On Tuesday, shares of Coinbase Global opened at $302.40. The company's financial metrics include a current ratio of 1.03, a quick ratio of 1.03, and a debt-to-equity ratio of 0.48. Over the past year, the stock's price has varied widely, with a low of $114.51 and a high of $341.75. The 50-day and 200-day moving averages stand at $228.17 and $218.63, respectively. Coinbase Global boasts a market capitalization of $75.71 billion, a price-to-earnings ratio of 51.60, and a beta of 3.34.

Recently, Coinbase Global reported its earnings on October 30, revealing $0.28 earnings per share for the quarter. This figure fell short of analysts' expectations, who had forecasted $0.41. The quarterly revenue came in at $1.21 billion, trailing the anticipated $1.26 billion. Nevertheless, the revenue reflected a 78.8% increase compared to the same quarter of the previous year. Analysts predict that Coinbase Global, Inc. will post an earnings per share (EPS) of 4.44 for the current fiscal year.

Analyst Ratings Overview

Coinbase Global has been covered in a variety of research reports lately. Oppenheimer upgraded its target price from $265.00 to $358.00, labeling the stock as “outperform.” Another firm, Monness Crespi & Hardt, initiated coverage with a “buy” rating and a $245.00 target price. Similarly, B. Riley started coverage with a “neutral” rating, setting a target price of $185.00. Canaccord Genuity reaffirmed a “buy” rating and established a target price of $280.00, while Piper Sandler continued a “neutral” rating, recommending a $245.00 target price.

Currently, one analyst rates the stock as a sell, while nine have a hold rating and ten have assigned a buy rating. Overall, the consensus rating for the company remains a “Hold,” with a target price averaging around $265.33.

Insider Activity at Coinbase Global

In recent insider news, CEO Brian Armstrong sold 58,269 shares on November 18, at an average price of $328.00. This transaction amounted to $19,112,232.00, resulting in Armstrong now holding only 526 shares valued at $172,528, marking a significant reduction in his shares. Additionally, insider Paul Grewal sold 7,104 shares at an average price of $307.80 on November 25, representing a total value of $2,186,611.20. Following this sale, Grewal owns 79,407 shares valued at approximately $24,441,474.60. It is worth noting that insiders have sold a total of 206,644 shares valued at $59,887,556 in the last three months, and insiders control 23.43% of the company's stock.

Company Overview

Coinbase Global, Inc. operates in providing financial infrastructure and technology services to facilitate the cryptocurrency economy both in the US and internationally. Their services include offering a primary financial account for consumers engaged in the crypto economy and operating a marketplace for institutional transactions in crypto assets.

Conclusion

Investors are closely watching the movements surrounding Coinbase Global as both institutional and insider transactions reflect ongoing interest in the cryptocurrency sector. Analysts continue to have mixed opinions, underlining the stock's volatility and potential for growth as the market evolves.

investment, stocks, Coinbase