Connective Portfolio Management LLC Takes Position in Coinbase Global, Inc. $COIN

Key Points

• Connective Portfolio Management LLC has acquired 5,300 shares of Coinbase Global, Inc. valued at approximately $1.86 million, representing about 4% of its portfolio.
• Brokerages such as Goldman Sachs and Jefferies Financial Group have recently adjusted their price targets for Coinbase, with Jefferies setting a target at $405 and Goldman Sachs at $268.
• Coinbase reported a net loss for the last quarter, missing earnings expectations with an EPS of $0.12, compared to analyst projections of $0.91.

Connective Portfolio Management LLC acquired a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,300 shares of the cryptocurrency exchange's stock, valued at approximately $1,858,000. Coinbase Global makes up approximately 4.0% of Connective Portfolio Management LLC's portfolio, making the stock its 9th biggest holding.

Several other hedge funds have also recently modified their holdings of COIN. Mascagni Wealth Management Inc. acquired a new position in Coinbase Global in the 4th quarter worth approximately $25,000. Copia Wealth Management acquired a new position in Coinbase Global in the 4th quarter worth approximately $26,000. Bessemer Group Inc. increased its holdings in Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after buying an additional 113 shares during the period. McClarren Financial Advisors Inc. acquired a new position in Coinbase Global in the 1st quarter worth approximately $30,000. Finally, S Bank Fund Management Ltd acquired a new position in Coinbase Global in the 1st quarter worth approximately $31,000. Institutional investors and hedge funds own 68.84% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on COIN. The Goldman Sachs Group raised their price objective on shares of Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a research note on Monday, July 7th. Piper Sandler reiterated a "neutral" rating and set a $350.00 target price on shares of Coinbase Global in a research report on Thursday, July 31st. Jefferies Financial Group increased their target price on Coinbase Global from $260.00 to $405.00 and gave the company a "hold" rating in a research report on Tuesday, July 29th. Needham & Company LLC increased their target price on Coinbase Global from $270.00 to $400.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $470.00 target price on shares of Coinbase Global in a research report on Friday, August 1st. Thirteen research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $352.72.

Coinbase Global Trading Up 1.2%

Shares of COIN stock opened at $327.02 on Tuesday. The stock's fifty day moving average is $340.07 and its two-hundred day moving average is $268.46. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The firm has a market capitalization of $84.02 billion, a P/E ratio of 31.63 and a beta of 3.68. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64.

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

Insiders Place Their Bets

In related news, insider Lawrence J. Brock sold 5,903 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $311.37, for a total transaction of $1,838,017.11. Following the completion of the sale, the insider directly owned 478 shares of the company's stock, valued at approximately $148,834.86. This trade represents a 92.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $304.52, for a total value of $3,045,200.00. Following the sale, the insider directly owned 82,328 shares of the company's stock, valued at $25,070,522.56. The trade was a 10.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,173,050 shares of company stock valued at $438,728,761 over the last 90 days. Company insiders own 23.43% of the company's stock.

Coinbase Global Company 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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