LeConte Wealth Management LLC Invests $298,000 in Coinbase Global, Inc. $COIN

Key Points

• LeConte Wealth Management LLC has invested $298,000 in Coinbase Global, Inc., acquiring 851 shares during the second quarter.
• Coinbase's stock recently opened at $321.77 with significant fluctuations, having a market cap of $82.68 billion and a PE ratio of 31.12.
• CEO Brian Armstrong sold 25,000 shares worth over $8 million, significantly reducing his ownership in the company.

LeConte Wealth Management LLC acquired a new position in Coinbase Global, Inc. (NASDAQ:COIN) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 851 shares of the cryptocurrency exchange's stock, valued at approximately $298,000.

Other large investors have also recently modified their holdings of the company. Mascagni Wealth Management Inc. purchased a new position in shares of Coinbase Global in the fourth quarter worth about $25,000. Copia Wealth Management purchased a new position in shares of Coinbase Global in the fourth quarter worth about $26,000. Ameriflex Group Inc. purchased a new position in shares of Coinbase Global in the fourth quarter worth about $37,000. Bessemer Group Inc. increased its holdings in shares of Coinbase Global by 297.4% in the first 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. Finally, North Star Investment Management Corp. purchased a new position in shares of Coinbase Global in the second quarter worth about $55,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Up 0.5%

Shares of NASDAQ:COIN opened at $321.77 on Thursday. The stock's 50-day moving average is $332.53 and its 200 day moving average is $273.28. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. The company has a market cap of $82.68 billion, a PE ratio of 31.12 and a beta of 3.68. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64.

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 for the quarter, missing the consensus estimate of $0.91 by ($0.79). The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The business's revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.14 earnings per share. Sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on COIN shares. Mizuho set a $300.00 price objective on Coinbase Global in a report on Thursday, September 18th. Jefferies Financial Group lifted their price objective on Coinbase Global from $260.00 to $405.00 and gave the stock a "hold" rating in a report on Tuesday, July 29th. William Blair started coverage on Coinbase Global in a report on Wednesday, June 11th. They set an "outperform" rating on the stock. Keefe, Bruyette & Woods reduced their price target on Coinbase Global from $355.00 to $335.00 and set a "market perform" rating on the stock in a report on Monday, August 4th. Finally, Citigroup boosted their price target on Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. 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 stock. According to MarketBeat.com, Coinbase Global currently has an average rating of "Hold" and a consensus price target of $356.18.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $169,519.28. The trade was 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 Coinbase Global stock in a transaction that occurred on 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 sale, the insider directly owned 82,328 shares in the company, valued at approximately $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. In the last 90 days, insiders sold 749,515 shares of company stock worth $283,990,425. Insiders own 17.65% of the company's stock.

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.

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