McElhenny Sheffield Capital Management LLC Acquires Shares of 1,108 Coinbase Global, Inc. $COIN

Key Points

• McElhenny Sheffield Capital Management LLC has acquired 1,108 shares of Coinbase Global, Inc. ($COIN), valued at approximately $388,000, as disclosed in the company's second-quarter report.
• Coinbase reported a loss of $0.79 EPS in its last earnings report, significantly missing the consensus estimate of $0.91, along with a revenue of $1.50 billion, below the expected $1.68 billion.
• Insiders sold a total of 721,764 shares of Coinbase stock valued at approximately $273.6 million over the last quarter, indicating potential shifts in ownership dynamics amidst fluctuating stock performance.

McElhenny Sheffield Capital Management LLC acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,108 shares of the cryptocurrency exchange's stock, valued at approximately $388,000.

Other institutional investors also recently added to or reduced their stakes in the company. Bessemer Group Inc. lifted its position in shares of Coinbase Global by 297.4% during the 1st 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 period. McClarren Financial Advisors Inc. acquired a new stake in shares of Coinbase Global during the 1st quarter valued at approximately $30,000. S Bank Fund Management Ltd acquired a new stake in shares of Coinbase Global during the 1st quarter valued at approximately $31,000. SouthState Corp lifted its position in shares of Coinbase Global by 128.4% during the 1st quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange's stock valued at $32,000 after acquiring an additional 104 shares during the period. Finally, NBT Bank N A NY acquired a new stake in shares of Coinbase Global during the 1st quarter valued at approximately $33,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Coinbase Global Trading Down 0.1%

Shares of Coinbase Global stock opened at $387.00 on Friday. 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, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The company has a market capitalization of $99.44 billion, a P/E ratio of 37.43 and a beta of 3.68. The business has a 50 day moving average price of $324.22 and a 200 day moving average price of $286.10.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The company's revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.14 earnings per share. Sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on COIN shares. Canaccord Genuity Group reiterated a "buy" rating and set a $400.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. Keefe, Bruyette & Woods reduced their price target 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. JMP Securities lifted their price target on shares of Coinbase Global from $400.00 to $440.00 and gave the company a "market outperform" rating in a research report on Monday, July 14th. The Goldman Sachs Group lifted their price target on shares of Coinbase Global from $351.00 to $363.00 and gave the company a "neutral" rating in a research report on Friday, October 3rd. Finally, Rothschild Redb upgraded shares of Coinbase Global from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $367.12.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 198,300 shares of the business's stock in a transaction on 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 completion of the transaction, the chief executive officer directly owned 526 shares in the company, valued at approximately $209,279.62. The trade was a 99.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Grewal sold 15,439 shares of the business's stock in a transaction on Monday, August 25th. The shares were sold at an average price of $310.80, for a total value of $4,798,441.20. Following the completion of the transaction, the insider owned 82,328 shares of the company's stock, valued at $25,587,542.40. This trade represents a 15.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 721,764 shares of company stock valued at $273,595,798 over the last quarter. 17.65% of the stock is currently 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.

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