Patton Fund Management Inc. Invests $445,000 in Coinbase Global, Inc. $COIN

Key Points

• Patton Fund Management Inc. has invested approximately $445,000 in Coinbase Global, purchasing 1,269 shares of the cryptocurrency exchange.
• Insider selling activity includes Paul Grewal selling 10,000 shares for over $3 million, indicating a 10.83% reduction in his ownership stake.
• Coinbase Global's stock has a market cap of $80.32 billion and analysts have issued various ratings, with a consensus rating of "Hold" and an average target price of $356.18.

Patton Fund Management Inc. purchased a new position in Coinbase Global, Inc. (NASDAQ:COIN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,269 shares of the cryptocurrency exchange's stock, valued at approximately $445,000.

Other hedge funds have also recently made changes to their positions in the company. Mascagni Wealth Management Inc. bought a new position in shares of Coinbase Global in the fourth quarter worth about $25,000. Bessemer Group Inc. lifted its stake in Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after acquiring an additional 113 shares during the period. McClarren Financial Advisors Inc. purchased a new stake in Coinbase Global in the first quarter worth about $30,000. S Bank Fund Management Ltd purchased a new stake in Coinbase Global in the first quarter worth about $31,000. Finally, SouthState Corp lifted its stake in Coinbase Global by 128.4% in the first quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange's stock worth $32,000 after acquiring an additional 104 shares during the period. 68.84% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $304.52, for a total transaction of $3,045,200.00. Following the completion of the sale, the insider directly owned 82,328 shares of the company's stock, valued at approximately $25,070,522.56. This represents a 10.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Lawrence J. Brock sold 5,903 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $311.37, for a total transaction of $1,838,017.11. Following the transaction, the insider owned 478 shares in the company, valued at approximately $148,834.86. This trade represents a 92.51% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 749,515 shares of company stock valued at $283,990,425. 17.65% of the stock is currently owned by corporate insiders.

Coinbase Global Stock Performance

COIN stock opened at $312.59 on Friday. The firm has a market cap of $80.32 billion, a price-to-earnings ratio of 30.23 and a beta of 3.68. The firm has a 50-day simple moving average of $328.31 and a two-hundred day simple moving average of $274.99. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $444.64. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.79). The firm had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The business's quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.14 earnings per share. On average, equities analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. China Renaissance assumed coverage on shares of Coinbase Global in a research note on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price objective for the company. Citigroup upped their price objective on shares of Coinbase Global from $270.00 to $505.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $400.00 price objective on shares of Coinbase Global in a research note on Friday, August 1st. Benchmark upped their price objective on shares of Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. Finally, William Blair assumed coverage on shares of Coinbase Global in a research note on Wednesday, June 11th. They issued an "outperform" rating for the company. Thirteen investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $356.18.

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.

Want to see what other hedge funds are holding COIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coinbase Global, Inc. (NASDAQ:COIN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.