Means Investment CO. Inc. Buys Shares of 792 Coinbase Global, Inc. $COIN

Key Points

• Means Investment CO. Inc. acquired 792 shares of Coinbase Global, Inc. valued at approximately $278,000 during the second quarter, highlighting institutional interest in the cryptocurrency exchange.
• Coinbase reported earnings of $0.12 per share, significantly missing analysts' estimates of $0.91, despite a 3.3% increase in revenue year-over-year to $1.50 billion.
• Analyst ratings have varied, with some upgrading Coinbase's stock to a "buy," while others maintained "hold" ratings; the current consensus rating is "Moderate Buy" with an average price target of $367.12.

Means Investment CO. Inc. bought a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 792 shares of the cryptocurrency exchange's stock, valued at approximately $278,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of COIN. Park Avenue Securities LLC increased its holdings in shares of Coinbase Global by 8.5% in the first quarter. Park Avenue Securities LLC now owns 3,599 shares of the cryptocurrency exchange's stock worth $620,000 after purchasing an additional 282 shares during the period. Farther Finance Advisors LLC grew its position in Coinbase Global by 44.2% during the first quarter. Farther Finance Advisors LLC now owns 1,390 shares of the cryptocurrency exchange's stock worth $243,000 after buying an additional 426 shares in the last quarter. Wealthcare Advisory Partners LLC grew its position in Coinbase Global by 87.0% during the first quarter. Wealthcare Advisory Partners LLC now owns 3,355 shares of the cryptocurrency exchange's stock worth $578,000 after buying an additional 1,561 shares in the last quarter. GAMMA Investing LLC grew its position in Coinbase Global by 8.1% during the first quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock worth $193,000 after buying an additional 84 shares in the last quarter. Finally, CX Institutional purchased a new position in Coinbase Global during the first quarter worth about $85,000. Institutional investors own 68.84% of the company's stock.

Coinbase Global Stock Down 7.7%

Shares of NASDAQ:COIN opened at $357.01 on Friday. The stock's 50-day moving average price is $325.06 and its 200-day moving average price is $287.80. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The stock has a market capitalization of $91.73 billion, a P/E ratio of 34.53 and a beta of 3.68. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period last year, the business posted $0.14 earnings per share. The firm's quarterly revenue was up 3.3% compared to the same quarter last year. On average, equities analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on COIN shares. Rothschild & Co Redburn upgraded Coinbase Global from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $325.00 to $417.00 in a research report on Friday, October 3rd. Jefferies Financial Group increased their target price on Coinbase Global from $260.00 to $405.00 and gave the company a "hold" rating in a research note on Tuesday, July 29th. Barclays reduced their target price on Coinbase Global from $365.00 to $361.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Sanford C. Bernstein increased their target price on Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. Finally, China Renaissance began coverage on Coinbase Global in a research note on Tuesday, June 17th. They issued a "buy" rating and a $353.30 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Coinbase Global presently has a consensus rating of "Moderate Buy" and an average price target of $367.12.

Insider Transactions at Coinbase Global

In other news, insider Paul Grewal sold 15,439 shares of the firm'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 transaction, the insider directly owned 82,328 shares of the company's stock, valued at approximately $25,587,542.40. This trade represents a 15.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 198,300 shares of the firm's stock in a transaction dated Wednesday, July 16th. The shares were 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 in the company, valued at $209,279.62. This trade represents a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 721,764 shares of company stock worth $273,595,798 over the last ninety days. 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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