State of Alaska Department of Revenue Makes New $8.36 Million Investment in Coinbase Global, Inc. $COIN

Key Points

• The State of Alaska Department of Revenue has made a new investment of $8.36 million in Coinbase Global by acquiring 23,864 shares in the second quarter.
• Several institutional investors have also increased their stakes in Coinbase Global, with a majority of 68.84% of the company's stock now owned by such investors.
• Coinbase Global recently reported a miss on earnings per share for the last quarter, with actual earnings of $0.12 compared to analysts' expectations of $0.91.

State of Alaska Department of Revenue acquired a new stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 23,864 shares of the cryptocurrency exchange's stock, valued at approximately $8,364,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in COIN. Eagle Global Advisors LLC acquired a new stake in Coinbase Global during the second quarter worth about $266,000. Patton Fund Management Inc. acquired a new stake in Coinbase Global during the 2nd quarter worth approximately $445,000. Instrumental Wealth LLC purchased a new position in Coinbase Global in the second quarter valued at approximately $225,000. Strategic Investment Solutions Inc. IL lifted its position in Coinbase Global by 974.7% during the second quarter. Strategic Investment Solutions Inc. IL now owns 806 shares of the cryptocurrency exchange's stock valued at $281,000 after buying an additional 731 shares in the last quarter. Finally, TCI Wealth Advisors Inc. purchased a new stake in Coinbase Global during the second quarter worth approximately $224,000. Institutional investors and hedge funds own 68.84% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on COIN. Keefe, Bruyette & Woods reduced their target price 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. JMP Securities boosted their price objective on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a report on Monday, July 14th. 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. The Goldman Sachs Group upped their price objective on Coinbase Global from $239.00 to $268.00 and gave the company a "neutral" rating in a research note on Monday, July 7th. Finally, Williams Trading set a $405.00 price objective on shares of Coinbase Global in a research note on Thursday, July 31st. 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 company's stock. Based on data from MarketBeat.com, Coinbase Global has an average rating of "Hold" and a consensus price target of $356.18.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction dated Tuesday, September 2nd. The stock was 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 in the company, valued at $25,070,522.56. The trade was a 10.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jennifer N. Jones sold 1,756 shares of Coinbase Global stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $300.52, for a total transaction of $527,713.12. 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 over the last quarter. 17.65% of the stock is owned by insiders.

Coinbase Global Price Performance

NASDAQ COIN opened at $312.59 on Friday. 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, Inc. has a 1 year low of $142.58 and a 1 year high of $444.64. The company has a market cap of $80.32 billion, a PE ratio of 30.23 and a beta of 3.68. The stock's 50-day moving average price is $328.31 and its two-hundred day moving average price is $275.57.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the prior year, the firm earned $0.14 EPS. The firm's revenue was up 3.3% compared to the same quarter last year. On average, analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

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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