Coinbase Global, Inc. $COIN Shares Bought by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D increased its holdings in Coinbase Global by 1.9% in Q2, owning 67,480 shares valued at approximately $23.65 million.
• Coinbase reported a loss of $0.79 per share in its last earnings report, significantly missing the consensus estimate of $0.91, and had revenue of $1.50 billion, below the $1.68 billion expected by analysts.
• Insider transactions revealed significant sales, with Lawrence J. Brock selling 5,903 shares and Paul Grewal selling 15,439 shares, indicating a notable decrease in their ownership stakes.

State of New Jersey Common Pension Fund D raised its stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 1.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,480 shares of the cryptocurrency exchange's stock after acquiring an additional 1,229 shares during the period. State of New Jersey Common Pension Fund D's holdings in Coinbase Global were worth $23,651,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of COIN. GAMMA Investing LLC boosted its stake in Coinbase Global by 8.1% in the first quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock valued at $193,000 after acquiring an additional 84 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Coinbase Global by 40.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 12,852 shares of the cryptocurrency exchange's stock valued at $2,213,000 after buying an additional 3,695 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Coinbase Global by 23.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 37,869 shares of the cryptocurrency exchange's stock valued at $6,522,000 after buying an additional 7,073 shares during the last quarter. Oppenheimer & Co. Inc. raised its holdings in shares of Coinbase Global by 60.7% in the first quarter. Oppenheimer & Co. Inc. now owns 16,724 shares of the cryptocurrency exchange's stock valued at $2,880,000 after buying an additional 6,315 shares during the last quarter. Finally, Asset Management One Co. Ltd. raised its holdings in shares of Coinbase Global by 5.5% in the first quarter. Asset Management One Co. Ltd. now owns 73,643 shares of the cryptocurrency exchange's stock valued at $12,684,000 after buying an additional 3,818 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Trading Up 9.8%

Shares of COIN opened at $354.46 on Friday. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The firm's 50-day moving average is $329.63 and its two-hundred day moving average is $298.57. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The firm has a market capitalization of $91.07 billion, a P/E ratio of 34.28 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the company posted $0.14 earnings per share. The company's quarterly revenue was up 3.3% compared to the same quarter last year. On average, research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Lawrence J. Brock sold 5,903 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $311.37, for a total transaction of $1,838,017.11. Following the completion of the transaction, the insider directly owned 478 shares of the company's stock, valued at $148,834.86. This trade represents a 92.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Grewal sold 15,439 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the transaction, the insider directly owned 82,328 shares of the company's stock, valued at approximately $25,587,542.40. This trade represents a 15.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 205,657 shares of company stock worth $67,479,576. 17.65% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Barclays reduced their target price on shares of Coinbase Global from $365.00 to $361.00 and set an "equal weight" rating for the company in a report on Wednesday, October 8th. Bank of America cut their price target on shares of Coinbase Global from $369.00 to $340.00 in a report on Wednesday, October 1st. Oppenheimer reissued an "outperform" rating and set a $417.00 price target on shares of Coinbase Global in a report on Thursday, July 31st. Redburn Partners set a $417.00 price target on shares of Coinbase Global in a report on Friday, October 3rd. Finally, Rosenblatt Securities reissued a "buy" rating and set a $470.00 price target on shares of Coinbase Global in a report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $384.12.

Coinbase Global Profile

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.

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