Sentry Investment Management LLC Invests $278,000 in Coinbase Global, Inc. $COIN

Key Points

• Sentry Investment Management LLC has invested $278,000 in Coinbase Global, acquiring 783 shares during the second quarter.
• Coinbase reported earnings of $0.12 per share, which missed analysts' expectations of $0.91, with quarterly revenue at $1.50 billion versus a forecast of $1.68 billion.
• Insider transactions included a significant sell-off by CEO Brian Armstrong, who sold 25,000 shares for approximately $8.89 million, reflecting a nearly 98% reduction in ownership.

Sentry Investment Management LLC bought a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 783 shares of the cryptocurrency exchange's stock, valued at approximately $278,000.

Several other hedge funds and other institutional investors have also made changes to their positions in COIN. Bessemer Group Inc. raised 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 worth $26,000 after acquiring an additional 113 shares in the last quarter. McClarren Financial Advisors Inc. acquired a new stake in shares of Coinbase Global during the 1st quarter worth about $30,000. S Bank Fund Management Ltd acquired a new stake in shares of Coinbase Global during the 1st quarter worth about $31,000. SouthState Corp raised 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 worth $32,000 after acquiring an additional 104 shares in the last quarter. Finally, Berbice Capital Management LLC purchased a new position in Coinbase Global during the 1st quarter worth approximately $34,000. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Trading Up 1.7%

Shares of COIN stock opened at $336.02 on Monday. The business's 50 day moving average is $328.26 and its two-hundred day moving average is $294.28. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The company has a market capitalization of $86.34 billion, a P/E ratio of 32.50 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 earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter last year, the business posted $0.14 earnings per share. The company's revenue for the quarter was up 3.3% compared to the same quarter last year. Equities analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, insider Lawrence J. Brock sold 5,903 shares of Coinbase Global stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $311.37, for a total value of $1,838,017.11. Following the transaction, the insider directly owned 478 shares in the company, valued at approximately $148,834.86. This trade represents a 92.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $355.47, for a total value of $8,886,750.00. Following the completion of the sale, the chief executive officer owned 526 shares in the company, valued at approximately $186,977.22. This trade represents a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 205,657 shares of company stock worth $67,479,576. 23.43% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on COIN shares. BTIG Research started coverage on Coinbase Global in a research note on Wednesday, October 1st. They set a "buy" rating and a $410.00 price target on the stock. Citigroup raised their price target on Coinbase Global from $270.00 to $505.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Erste Group Bank started coverage on Coinbase Global in a research note on Wednesday, July 23rd. They set a "buy" rating on the stock. Monness Crespi & Hardt downgraded Coinbase Global from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. Finally, Rothschild Redb upgraded Coinbase Global from a "hold" rating to a "strong-buy" rating in a research note on Friday, October 3rd. One equities 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 given a Sell rating to the company's stock. According to data from MarketBeat.com, Coinbase Global currently has a consensus rating of "Moderate Buy" and an average target price of $367.94.

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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