VIRGINIA RETIREMENT SYSTEMS ET Al Invests $2.80 Million in Coinbase Global, Inc. $COIN

Key Points

• VIRGINIA RETIREMENT SYSTEMS ET Al invested approximately $2.80 million in Coinbase Global, acquiring 8,000 shares during the second quarter.
• Coinbase reported earnings of $0.12 EPS for the most recent quarter, significantly missing the consensus estimate of $0.91 by ($0.79).
• Insiders, including CFO Alesia J. Haas and CEO Brian Armstrong, sold a total of over $10.5 million in shares during recent transactions, significantly reducing their ownership percentages.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 8,000 shares of the cryptocurrency exchange's stock, valued at approximately $2,804,000.

Other large investors also recently modified their holdings of the company. Bessemer Group Inc. grew its holdings in Coinbase Global by 297.4% during the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after purchasing an additional 113 shares during the period. McClarren Financial Advisors Inc. bought a new position in Coinbase Global during the first quarter worth about $30,000. S Bank Fund Management Ltd bought a new position in Coinbase Global during the first quarter worth about $31,000. SouthState Corp grew its holdings in Coinbase Global by 128.4% during the first quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange's stock worth $32,000 after purchasing an additional 104 shares during the period. Finally, Berbice Capital Management LLC bought a new position in Coinbase Global during the first quarter worth about $34,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Trading Down 1.5%

Shares of COIN stock opened at $338.62 on Wednesday. The firm has a 50 day moving average price of $329.07 and a two-hundred day moving average price of $295.86. 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 company has a market capitalization of $87.01 billion, a PE ratio of 32.75 and a beta of 3.68. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64.

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 (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.79). The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The company's revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the business earned $0.14 earnings per share. As a group, analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity

In other news, CFO Alesia J. Haas sold 4,400 shares of Coinbase Global stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $344.41, for a total value of $1,515,404.00. Following the completion of the sale, the chief financial officer directly owned 84,820 shares in the company, valued at approximately $29,212,856.20. The trade was a 4.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $361.32, for a total transaction of $9,033,000.00. Following the completion of the sale, the chief executive officer owned 526 shares of the company's stock, valued at approximately $190,054.32. The trade was a 97.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 205,657 shares of company stock worth $67,479,576. Corporate insiders own 23.43% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Wall Street Zen upgraded Coinbase Global from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Argus assumed coverage on Coinbase Global in a report on Monday, July 14th. They set a "buy" rating and a $400.00 price target for the company. The Goldman Sachs Group lifted their price target on Coinbase Global from $363.00 to $385.00 and gave the stock a "neutral" rating in a report on Tuesday, October 14th. Compass Point lifted their price target on Coinbase Global from $248.00 to $277.00 and gave the stock a "sell" rating in a report on Monday. Finally, Redburn Partners set a $417.00 price objective on shares of Coinbase Global in a research report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $369.01.

About Coinbase Global

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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