In a significant move for the cryptocurrency sector, Jupiter Asset Management Ltd. has established a new investment in Coinbase Global, Inc. (NASDAQ: COIN) during the third quarter. According to reports from HoldingsChannel, the institutional investor acquired 11,297 shares of the renowned cryptocurrency exchange, amounting to an estimated value of approximately $3,813,000.
This acquisition coincides with a trend of institutional investors adjusting their portfolios concerning Coinbase. For instance, Capital Advisors Wealth Management LLC increased its stake in Coinbase by 2.0%, now holding 1,549 shares valued at $523,000 after purchasing an additional 30 shares during the same period. Furthermore, Elevation Wealth Partners LLC saw a notable boost of 37.6% in its holdings, now owning 117 shares valued at $39,000, following an acquisition of 32 more shares.
Other investors, such as StoneX Group Inc. and Forvis Mazars Wealth Advisors LLC, also made adjustments to their holdings in Coinbase. StoneX Group Inc. grew its position by 1.8%, owning 1,970 shares valued at $690,000, while Forvis Mazars increased its stake by 3.4%, totaling 1,040 shares worth $351,000.
Additionally, E Fund Management Hong Kong Co. Ltd. raised its stake by 17.0%, now holding 241 shares worth $81,000 after acquiring an additional 35 shares. Collectively, institutional investors hold 68.84% of Coinbase”s stock, indicating strong institutional interest in the exchange amidst a fluctuating market.
In other news affecting Coinbase, analysts have recently updated their price targets. For example, Piper Sandler reduced its target price from $270.00 to $150.00, maintaining a “neutral” rating. Meanwhile, Rothschild & Co Redburn revised its estimate down from $403.00 to $288.00, affirming a “buy” rating. This reflects a cautious outlook among analysts regarding the stock”s performance.
As of the latest trading session, shares of Coinbase Global opened at $171.35, with a market capitalization of $46.20 billion. The firm reported a price-to-earnings ratio of 39.03 and a beta of 3.70. The stock has experienced significant volatility, with a one-year low of $139.36 and a high of $444.64.
Coinbase last announced its quarterly earnings results on February 12, reporting $0.66 earnings per share (EPS), which fell short of the consensus estimate of $0.83 by $0.17. This underperformance highlights the challenges faced by the exchange in a competitive market.
Founded in 2012, Coinbase has grown into one of the largest cryptocurrency exchange platforms globally, providing services that cater to both retail and institutional clients. It operates a consumer trading platform, a self-custody mobile wallet, and offers institutional services that include custody, prime brokerage, and execution tools.
For those interested in tracking the latest moves in institutional investment and market analysis regarding Coinbase, HoldingsChannel provides up-to-date 13F filings and insider trading information.
