Public Employees Retirement System of Ohio Buys 3,300 Shares of Coinbase Global, Inc. $COIN

Key Points

• The Public Employees Retirement System of Ohio increased its stake in Coinbase Global, Inc. by 4.6%, owning a total of 74,600 shares worth approximately $26.1 million after acquiring an additional 3,300 shares in Q2.
• Coinbase's CEO, Brian Armstrong, drastically reduced his ownership by selling 198,300 shares, a 99.74% decrease, while other insiders also sold significant amounts of stock totaling over $283 million in the last ninety days.
• Coinbase reported earnings of $0.12 per share, falling short of the analyst estimates, with a revenue of $1.5 billion for the last quarter which was also below expectations.

Public Employees Retirement System of Ohio raised its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 4.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,600 shares of the cryptocurrency exchange's stock after acquiring an additional 3,300 shares during the period. Public Employees Retirement System of Ohio's holdings in Coinbase Global were worth $26,147,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of COIN. Ameriflex Group Inc. bought a new position in Coinbase Global during the 4th quarter valued at $37,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Coinbase Global during the 4th quarter valued at $27,749,000. IronOak Wealth LLC. bought a new position in Coinbase Global during the 4th quarter valued at $765,000. Copia Wealth Management bought a new position in Coinbase Global during the 4th quarter valued at $26,000. Finally, Lansforsakringar Fondforvaltning AB publ bought a new position in Coinbase Global during the 4th quarter valued at $15,578,000. 68.84% of the stock is currently owned by institutional investors.

Insider Transactions at Coinbase Global

In other news, CEO Brian Armstrong sold 198,300 shares of the business's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the transaction, the chief executive officer owned 526 shares of the company's stock, valued at approximately $209,279.62. The trade was a 99.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Grewal sold 15,439 shares of the business's stock in a transaction dated Monday, August 25th. The stock was 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 of the company's stock, valued at $25,587,542.40. The trade was a 15.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 749,515 shares of company stock valued at $283,990,425 in the last ninety days. Insiders own 17.65% of the company's stock.

Coinbase Global Stock Up 0.5%

COIN stock opened at $321.77 on Thursday. 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 firm has a market capitalization of $82.68 billion, a PE ratio of 31.12 and a beta of 3.68. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The stock has a 50-day simple moving average of $332.53 and a two-hundred day simple moving average of $273.28.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). The company 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 firm's quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.14 EPS. On average, equities analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Monness Crespi & Hardt cut Coinbase Global from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. Rosenblatt Securities reiterated a "buy" rating and set a $470.00 target price on shares of Coinbase Global in a research note on Friday, August 1st. Compass Point reiterated a "sell" rating and set a $248.00 target price (down from $330.00) on shares of Coinbase Global in a research note on Monday, August 4th. Benchmark lifted their target price on Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. Finally, The Goldman Sachs Group lifted their target price on Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a research note on Monday, July 7th. Thirteen research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus 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.

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