Joule Financial LLC Acquires New Stake in Coinbase Global, Inc. $COIN

Key Points

• Joule Financial LLC has acquired a new stake in Coinbase Global, Inc., purchasing 3,513 shares valued at approximately $1.2 million during Q2.
• Coinbase recently reported an earnings miss, posting $0.12 EPS, significantly below the consensus estimate of $0.91, with a revenue of $1.50 billion for the quarter.
• In insider trading activities, CEO Brian Armstrong sold 25,000 shares for around $8 million, representing a drastic reduction in his holdings.

Joule Financial LLC acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 3,513 shares of the cryptocurrency exchange's stock, valued at approximately $1,231,000.

Other large investors have also modified their holdings of the company. Bessemer Group Inc. boosted its position in Coinbase Global by 297.4% during the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after acquiring an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. acquired a new position in shares of Coinbase Global during the 1st quarter worth approximately $30,000. S Bank Fund Management Ltd purchased a new stake in shares of Coinbase Global in the first quarter valued at approximately $31,000. SouthState Corp increased its holdings in shares of Coinbase Global by 128.4% in the first quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange's stock valued at $32,000 after purchasing an additional 104 shares during the last quarter. Finally, NBT Bank N A NY purchased a new position in Coinbase Global during the first quarter worth approximately $33,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Up 2.1%

COIN stock opened at $380.02 on Monday. The company's 50 day moving average price is $323.62 and its 200 day moving average price is $282.11. The firm 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 fifty-two week low of $142.58 and a fifty-two week high of $444.64. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS 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 firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the firm earned $0.14 EPS. The company's revenue was up 3.3% on a year-over-year basis. On average, equities research analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Analyst Ratings Changes

COIN has been the subject of several analyst reports. Needham & Company LLC upped their target price on Coinbase Global from $270.00 to $400.00 and gave the company a "buy" rating in a report on Friday, August 1st. Williams Trading set a $405.00 price target on shares of Coinbase Global in a research report on Thursday, July 31st. BTIG Research assumed coverage on shares of Coinbase Global in a report on Wednesday. They issued a "buy" rating and a $410.00 price objective for the company. Rosenblatt Securities reaffirmed a "buy" rating and set a $470.00 target price on shares of Coinbase Global in a research note on Friday, August 1st. Finally, China Renaissance started coverage on shares of Coinbase Global in a report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 target price on the stock. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Coinbase Global has a consensus rating of "Moderate Buy" and an average target price of $367.27.

Insider Activity at Coinbase Global

In other news, CEO Brian Armstrong sold 25,000 shares of the company's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $322.28, for a total transaction of $8,057,000.00. Following the completion of the transaction, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $169,519.28. This represents a 97.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $304.52, for a total value of $3,045,200.00. Following the completion of the transaction, the insider owned 82,328 shares in the company, valued at approximately $25,070,522.56. The trade was a 10.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 714,515 shares of company stock worth $272,046,775 over the last three months. Company insiders own 23.43% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.