Kentucky Retirement Systems Insurance Trust Fund Acquires Shares of 5,892 Coinbase Global, Inc. (NASDAQ:COIN)

Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,892 shares of the cryptocurrency exchange's stock, valued at approximately $1,015,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Principal Securities Inc. grew its stake in Coinbase Global by 35.3% during the 4th quarter. Principal Securities Inc. now owns 1,032 shares of the cryptocurrency exchange's stock worth $256,000 after buying an additional 269 shares during the last quarter. Truist Financial Corp grew its stake in Coinbase Global by 18.8% during the 4th quarter. Truist Financial Corp now owns 6,577 shares of the cryptocurrency exchange's stock worth $1,633,000 after buying an additional 1,040 shares during the last quarter. Sigma Planning Corp grew its stake in Coinbase Global by 162.6% during the 4th quarter. Sigma Planning Corp now owns 3,508 shares of the cryptocurrency exchange's stock worth $871,000 after buying an additional 2,172 shares during the last quarter. First Horizon Advisors Inc. grew its stake in Coinbase Global by 19.2% during the 4th quarter. First Horizon Advisors Inc. now owns 621 shares of the cryptocurrency exchange's stock worth $154,000 after buying an additional 100 shares during the last quarter. Finally, Howard Capital Management Inc. grew its stake in Coinbase Global by 5.1% during the 4th quarter. Howard Capital Management Inc. now owns 1,371 shares of the cryptocurrency exchange's stock worth $340,000 after buying an additional 67 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Price Performance

NASDAQ:COIN traded up $10.55 during mid-day trading on Wednesday, reaching $355.37. 30,064,024 shares of the stock were exchanged, compared to its average volume of 10,542,234. The business has a fifty day moving average price of $242.10 and a 200 day moving average price of $241.14. The firm has a market capitalization of $90.22 billion, a PE ratio of 66.55, a PEG ratio of 25.22 and a beta of 3.61. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $369.28. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). The firm had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. Coinbase Global's revenue was up 24.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.53 earnings per share. Research analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Coinbase Global news, CFO Alesia J. Haas sold 6,080 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $247.47, for a total transaction of $1,504,617.60. Following the completion of the sale, the chief financial officer now directly owns 100,366 shares of the company's stock, valued at approximately $24,837,574.02. This represents a 5.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Grewal sold 1,952 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $280.02, for a total transaction of $546,599.04. Following the sale, the insider now directly owns 82,328 shares of the company's stock, valued at $23,053,486.56. This represents a 2.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 212,915 shares of company stock valued at $48,349,215 over the last three months. Company insiders own 17.65% of the company's stock.

Wall Street Analyst Weigh In

COIN has been the subject of a number of recent research reports. The Goldman Sachs Group upped their price objective on Coinbase Global from $189.00 to $209.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. Rosenblatt Securities restated a "buy" rating and set a $300.00 price objective on shares of Coinbase Global in a research note on Monday, June 16th. Citigroup reissued a "neutral" rating on shares of Coinbase Global in a research note on Thursday, May 8th. Cantor Fitzgerald assumed coverage on Coinbase Global in a report on Tuesday, April 8th. They set an "overweight" rating and a $245.00 price target on the stock. Finally, JMP Securities reissued a "market outperform" rating and set a $400.00 price target on shares of Coinbase Global in a report on Wednesday. Eleven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $286.42.

About Coinbase Global

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.