Lee Johnson Capital Management LLC Invests $690,000 in Coinbase Global, Inc. $COIN

Key Points

• Lee Johnson Capital Management LLC invested $690,000 in Coinbase Global, acquiring 1,970 shares during the second quarter of 2023.
• Coinbase's stock price increased by 6.8%, with its shares trading at $333.99 and a market cap of $85.82 billion.
• In recent trades, Coinbase experienced insider selling, with CEO Brian Armstrong selling 198,300 shares for approximately $78.9 million.

Lee Johnson Capital Management LLC bought a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,970 shares of the cryptocurrency exchange's stock, valued at approximately $690,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. First Hawaiian Bank increased its holdings in Coinbase Global by 27.4% in the first quarter. First Hawaiian Bank now owns 1,675 shares of the cryptocurrency exchange's stock valued at $288,000 after purchasing an additional 360 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in Coinbase Global in the first quarter valued at about $95,000. GAMMA Investing LLC increased its holdings in Coinbase Global by 18,515.4% in the first quarter. GAMMA Investing LLC now owns 193,414 shares of the cryptocurrency exchange's stock valued at $33,312,000 after purchasing an additional 192,375 shares during the last quarter. Parallel Advisors LLC increased its holdings in Coinbase Global by 70.2% in the first quarter. Parallel Advisors LLC now owns 5,263 shares of the cryptocurrency exchange's stock valued at $906,000 after purchasing an additional 2,170 shares during the last quarter. Finally, Fiduciary Alliance LLC increased its holdings in Coinbase Global by 17.6% in the first quarter. Fiduciary Alliance LLC now owns 13,467 shares of the cryptocurrency exchange's stock valued at $2,319,000 after purchasing an additional 2,014 shares during the last quarter. Institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Up 6.8%

Shares of Coinbase Global stock opened at $333.99 on Tuesday. Coinbase Global, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The business has a 50-day moving average of $326.71 and a two-hundred day moving average of $277.31. The company has a market capitalization of $85.82 billion, a P/E ratio of 32.30 and a beta of 3.68. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The firm's revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.14 earnings per share. As a group, equities analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Analysts Set New Price Targets

COIN has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods dropped their price objective on Coinbase Global from $355.00 to $335.00 and set a "market perform" rating for the company in a report on Monday, August 4th. Oppenheimer reiterated an "outperform" rating and issued a $417.00 price objective on shares of Coinbase Global in a report on Thursday, July 31st. Jefferies Financial Group upped their price objective on Coinbase Global from $260.00 to $405.00 and gave the company a "hold" rating in a report on Tuesday, July 29th. HC Wainwright reiterated a "sell" rating and issued a $300.00 price objective on shares of Coinbase Global in a report on Friday, August 1st. Finally, William Blair began coverage on Coinbase Global in a report on Wednesday, June 11th. They issued an "outperform" rating for the company. Thirteen equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $356.18.

Insider Activity

In other news, insider Paul Grewal sold 15,439 shares of the company's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the completion of the transaction, the insider directly owned 82,328 shares of the company's stock, valued at $25,587,542.40. This represents a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brian Armstrong sold 198,300 shares of the company's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total value of $78,897,621.00. Following the transaction, the chief executive officer directly owned 526 shares of the company's stock, valued at $209,279.62. This represents a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 724,515 shares of company stock valued at $275,533,175 over the last ninety days. 23.43% of the stock is owned by insiders.

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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