Coinbase Global, Inc. $COIN Holdings Decreased by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Coinbase Global, Inc. by 7.0%, holding 66,251 shares worth approximately $11.41 million after selling 4,994 shares in the first quarter.
• CEO Brian Armstrong sold 336,265 shares of Coinbase stock for over $121 million, significantly reducing his ownership to just 526 shares, amounting to a 99.84% decrease in his position.
• Coinbase Global reported $0.12 earnings per share for the latest quarter, missing analysts' expectations of $0.91 and generating revenue of $1.50 billion, which was below the consensus estimate of $1.68 billion.

State of New Jersey Common Pension Fund D trimmed its position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 7.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,251 shares of the cryptocurrency exchange's stock after selling 4,994 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Coinbase Global were worth $11,410,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Mascagni Wealth Management Inc. purchased a new position in shares of Coinbase Global in the 4th quarter worth about $25,000. Copia Wealth Management purchased a new position in shares of Coinbase Global in the 4th quarter worth about $26,000. Mpwm Advisory Solutions LLC purchased a new position in shares of Coinbase Global in the 4th quarter worth about $35,000. Brooklands Fund Management Ltd purchased a new position in shares of Coinbase Global in the 4th quarter worth about $37,245,000. Finally, Ameriflex Group Inc. purchased a new position in shares of Coinbase Global in the 4th quarter worth about $37,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Paul Grewal sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total value of $3,486,400.00. Following the completion of the sale, the insider directly owned 82,328 shares in the company, valued at approximately $28,702,833.92. The trade was a 10.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $326.71, for a total value of $8,167,750.00. Following the completion of the sale, the chief executive officer owned 526 shares of the company's stock, valued at $171,849.46. 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 90 days, insiders have sold 1,185,704 shares of company stock valued at $438,918,732. 17.65% of the stock is owned by insiders.

Coinbase Global Stock Up 0.4%

NASDAQ COIN traded up $1.0690 during mid-day trading on Wednesday, reaching $303.1390. 7,216,149 shares of the company's stock traded hands, compared to its average volume of 11,568,724. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64. The company has a fifty day simple moving average of $342.19 and a 200-day simple moving average of $261.45. 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 $77.89 billion, a price-to-earnings ratio of 29.32 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data 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). 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 analyst estimates of $1.68 billion. During the same quarter last year, the business earned $0.14 EPS. Coinbase Global's revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, equities research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Keefe, Bruyette & Woods dropped their target price on Coinbase Global from $355.00 to $335.00 and set a "market perform" rating on the stock in a report on Monday, August 4th. Citigroup raised their target price on Coinbase Global from $270.00 to $505.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Canaccord Genuity Group reiterated a "buy" rating and set a $400.00 target price on shares of Coinbase Global in a report on Friday, August 1st. Argus assumed coverage on Coinbase Global in a report on Monday, July 14th. They set a "buy" rating and a $400.00 target price on the stock. Finally, Needham & Company LLC raised their target price on Coinbase Global from $270.00 to $400.00 and gave the company a "buy" rating in a report on Friday, August 1st. Thirteen analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Coinbase Global has a consensus rating of "Hold" and a consensus target price of $352.72.

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.