Maridea Wealth Management LLC Acquires Shares of 4,703 Coinbase Global, Inc. $COIN

Key Points

• Maridea Wealth Management LLC acquired 4,703 shares of Coinbase Global, Inc. for approximately $1,648,000 in the second quarter.
• Coinbase reported earnings of $0.12 per share, significantly missing analysts' estimates of $0.91, with quarterly revenue of $1.50 billion, below the expected $1.68 billion.
• Insider transactions saw significant sales, including CEO Brian Armstrong selling 198,300 shares for $78.9 million, reducing his position by nearly 100%.

Maridea Wealth Management LLC acquired a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 4,703 shares of the cryptocurrency exchange's stock, valued at approximately $1,648,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. TB Alternative Assets Ltd. acquired a new stake in Coinbase Global during the second quarter valued at approximately $41,002,000. Plancorp LLC bought a new position in shares of Coinbase Global in the second quarter valued at approximately $425,000. Jeppson Wealth Management LLC raised its stake in shares of Coinbase Global by 4.1% in the second quarter. Jeppson Wealth Management LLC now owns 1,766 shares of the cryptocurrency exchange's stock valued at $619,000 after acquiring an additional 69 shares during the last quarter. LeConte Wealth Management LLC bought a new position in shares of Coinbase Global in the second quarter valued at approximately $298,000. Finally, Oxinas Partners Wealth Management LLC bought a new position in shares of Coinbase Global in the second quarter valued at approximately $384,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Stock Performance

COIN stock opened at $321.77 on Thursday. The business's fifty day moving average is $332.53 and its 200-day moving average is $273.28. 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 company has a market cap of $82.68 billion, a P/E ratio of 31.12 and a beta of 3.68. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). The company had revenue of $1.50 billion during the quarter, compared to analyst estimates 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 for the quarter was up 3.3% compared to the same quarter last year. During the same period last year, the company earned $0.14 EPS. Equities research analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 15,439 shares of the stock in a transaction on Monday, August 25th. The stock was sold at an average price of $310.80, for a total value of $4,798,441.20. Following the transaction, the insider owned 82,328 shares of the company's stock, valued at $25,587,542.40. This represents a 15.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Brian Armstrong sold 198,300 shares of the company's stock in a transaction 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 sale, the chief executive officer owned 526 shares of the company's stock, valued at approximately $209,279.62. This represents a 99.74% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 749,515 shares of company stock worth $283,990,425. 17.65% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Benchmark lifted their target price on shares of Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. Piper Sandler reiterated a "neutral" rating and issued a $350.00 target price on shares of Coinbase Global in a research note on Thursday, July 31st. Rosenblatt Securities restated a "buy" rating and issued a $470.00 price objective on shares of Coinbase Global in a research report on Friday, August 1st. Keefe, Bruyette & Woods dropped their price objective on shares of Coinbase Global from $355.00 to $335.00 and set a "market perform" rating for the company in a research report on Monday, August 4th. Finally, Monness Crespi & Hardt cut shares of Coinbase Global from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. Thirteen analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Coinbase Global currently has a consensus rating of "Hold" and an average price target of $356.18.

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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