Mutual of America Capital Management LLC Acquires Shares of 24,244 Coinbase Global, Inc. $COIN

Key Points

• Mutual of America Capital Management LLC acquired 24,244 shares of Coinbase Global, Inc., valued at approximately $8.5 million, marking a significant investment in the cryptocurrency exchange.
• Analysts remain optimistic about Coinbase Global, with several institutions raising their price targets, including Citigroup increasing its target from $270 to $505.
• Insider trading activity has been notable, with CEO Brian Armstrong selling 25,000 shares for about $8.9 million, reflecting a significant decrease in their ownership of the company.

Mutual of America Capital Management LLC acquired a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 24,244 shares of the cryptocurrency exchange's stock, valued at approximately $8,497,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bessemer Group Inc. increased its stake in 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 purchasing an additional 113 shares in the last quarter. McClarren Financial Advisors Inc. bought a new stake in Coinbase Global during the 1st quarter valued at about $30,000. S Bank Fund Management Ltd bought a new stake in Coinbase Global during the 1st quarter valued at about $31,000. SouthState Corp increased its stake in 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 purchasing an additional 104 shares in the last quarter. Finally, Berbice Capital Management LLC bought a new stake in Coinbase Global during the 1st quarter valued at about $34,000. 68.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. JMP Securities raised their price objective on shares of Coinbase Global from $400.00 to $440.00 and gave the company a "market outperform" rating in a research note on Monday, July 14th. Citigroup raised their price target on shares of Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Oppenheimer reaffirmed an "outperform" rating and set a $417.00 price target on shares of Coinbase Global in a report on Thursday, July 31st. Keefe, Bruyette & Woods dropped their price target on shares of Coinbase Global from $355.00 to $335.00 and set a "market perform" rating on the stock in a report on Monday, August 4th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $400.00 price target on shares of Coinbase Global in a report on Friday, August 1st. One research 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 issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $369.01.

Insiders Place Their Bets

In other Coinbase Global news, insider Paul Grewal sold 15,439 shares of the stock in a transaction that occurred 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 transaction, the insider directly owned 82,328 shares in the company, valued at approximately $25,587,542.40. This trade represents a 15.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $355.47, for a total transaction of $8,886,750.00. Following the completion of the transaction, the chief executive officer owned 526 shares in the company, valued at $186,977.22. The trade was a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 205,657 shares of company stock worth $67,479,576. Company insiders own 23.43% of the company's stock.

Coinbase Global Stock Performance

COIN opened at $343.78 on Tuesday. The company's 50 day moving average is $328.75 and its 200 day moving average is $295.56. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. The company has a market cap of $88.33 billion, a price-to-earnings ratio of 33.25 and a beta of 3.68. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 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 period in the prior year, the company posted $0.14 earnings per share. The firm's quarterly revenue was up 3.3% on a year-over-year basis. On average, equities research analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

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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