Hubbell Strickland Wealth Management LLC Makes New Investment in Coinbase Global, Inc. $COIN

Key Points

• Hubbell Strickland Wealth Management LLC acquired 711 shares of Coinbase Global, valued at approximately $249,000, indicating institutional interest in the cryptocurrency exchange.
• Coinbase Global reported a $0.12 EPS for the last quarter, missing analyst expectations, while the firm's revenue was $1.50 billion, below the forecast of $1.68 billion.
• Insider selling activity has been significant, with CEO Brian Armstrong selling 198,300 shares, reducing his stake by 99.74%, alongside a total insider sell of approximately $272 million in the last three months.

Hubbell Strickland Wealth Management LLC acquired a new position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 711 shares of the cryptocurrency exchange's stock, valued at approximately $249,000.

A number of other large investors have also modified their holdings of the company. Cadent Capital Advisors LLC increased its stake in shares of Coinbase Global by 1.0% in the 2nd quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange's stock valued at $1,108,000 after purchasing an additional 30 shares in the last quarter. Ameriflex Group Inc. grew its holdings in Coinbase Global by 20.0% in the second quarter. Ameriflex Group Inc. now owns 180 shares of the cryptocurrency exchange's stock valued at $68,000 after purchasing an additional 30 shares during the period. Thurston Springer Miller Herd & Titak Inc. grew its holdings in Coinbase Global by 4.2% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,015 shares of the cryptocurrency exchange's stock valued at $356,000 after purchasing an additional 41 shares during the period. Pallas Capital Advisors LLC grew its holdings in Coinbase Global by 1.6% in the second quarter. Pallas Capital Advisors LLC now owns 2,662 shares of the cryptocurrency exchange's stock valued at $933,000 after purchasing an additional 41 shares during the period. Finally, Clare Market Investments LLC lifted its position in shares of Coinbase Global by 1.8% during the 2nd quarter. Clare Market Investments LLC now owns 2,552 shares of the cryptocurrency exchange's stock valued at $894,000 after buying an additional 45 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Insider Activity at Coinbase Global

In other news, insider Paul Grewal sold 15,439 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the transaction, the insider 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 198,300 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $209,279.62. The trade was a 99.74% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 714,515 shares of company stock valued at $272,046,775. Insiders own 17.65% of the company's stock.

Coinbase Global Stock Up 2.1%

NASDAQ:COIN opened at $380.02 on Friday. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $97.64 billion, a price-to-earnings ratio of 36.75 and a beta of 3.68. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $444.64. The stock's fifty day moving average is $323.62 and its two-hundred day moving average is $281.47.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Benchmark increased their target price on Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Compass Point reissued a "sell" rating and set a $248.00 target price (down previously from $330.00) on shares of Coinbase Global in a research note on Monday, August 4th. JMP Securities boosted their target price on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a research note on Monday, July 14th. Rosenblatt Securities reiterated a "buy" rating and issued a $470.00 price objective on shares of Coinbase Global in a report on Friday, August 1st. Finally, BTIG Research began coverage on Coinbase Global in a report on Wednesday. They issued a "buy" rating and a $410.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $367.27.

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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