Maryland State Retirement & Pension System Sells 1,455 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Key Points

• The Maryland State Retirement & Pension System has reduced its stake in Coinbase Global, Inc. by 13.3%, holding 9,471 shares valued at approximately $1.63 million after selling 1,455 shares.
• Meanwhile, other hedge funds like Envestnet Asset Management and Kingswood Wealth Advisors have increased their positions in Coinbase by 24.0% and 124.5%, respectively, reflecting mixed sentiment among institutional investors.
• Analysts have set varied price targets for Coinbase Global, with estimates ranging from $268 to $470, while the average rating remains a "Hold" with a target of $352.18.

Maryland State Retirement & Pension System cut its stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 13.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,471 shares of the cryptocurrency exchange's stock after selling 1,455 shares during the quarter. Maryland State Retirement & Pension System's holdings in Coinbase Global were worth $1,631,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mascagni Wealth Management Inc. purchased a new stake in shares of Coinbase Global during the fourth quarter valued at approximately $25,000. Copia Wealth Management purchased a new stake in shares of Coinbase Global during the fourth quarter valued at approximately $26,000. Bessemer Group Inc. increased its position in shares of Coinbase Global by 297.4% during the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after acquiring an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. purchased a new stake in shares of Coinbase Global during the first quarter valued at approximately $30,000. Finally, NBT Bank N A NY purchased a new stake in shares of Coinbase Global during the first quarter valued at approximately $33,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Coinbase Global Trading Up 0.9%

Shares of COIN traded up $3.00 during trading hours on Tuesday, hitting $322.62. The company had a trading volume of 9,901,815 shares, compared to its average volume of 11,636,547. Coinbase Global, Inc. has a 52-week low of $142.58 and a 52-week high of $444.64. The firm has a market cap of $82.89 billion, a P/E ratio of 31.20 and a beta of 3.70. 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 stock's 50 day moving average price is $334.34 and its 200 day moving average price is $259.98.

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 analysts' consensus estimates of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The business had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the prior year, the firm earned $0.14 EPS. The firm's revenue for the quarter was up 3.3% on a year-over-year basis. On average, research analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on COIN shares. Canaccord Genuity Group reissued a "buy" rating and issued a $400.00 target price on shares of Coinbase Global in a research report on Friday, August 1st. The Goldman Sachs Group raised their price target on Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a report on Monday, July 7th. Wall Street Zen raised Coinbase Global from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. JMP Securities lifted their price objective on Coinbase Global from $400.00 to $440.00 and gave the company a "market outperform" rating in a research note on Monday, July 14th. Finally, Oppenheimer reissued an "outperform" rating and set a $417.00 price objective on shares of Coinbase Global in a research note on Thursday, July 31st. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $352.18.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 336,265 shares of Coinbase Global stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the sale, the chief executive officer directly owned 526 shares of the company's stock, valued at approximately $190,732.86. The trade was a 99.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders sold 1,176,221 shares of company stock worth $434,800,609. 23.43% of the stock is owned by insiders.

Coinbase Global Company 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.