Arizona State Retirement System Increases Stock Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Arizona State Retirement System raised its position in Coinbase Global, Inc. (NASDAQ:COIN) by 12.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,851 shares of the cryptocurrency exchange’s stock after acquiring an additional 6,166 shares during the quarter. Arizona State Retirement System’s holdings in Coinbase Global were worth $11,967,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. Geneos Wealth Management Inc. increased its stake in Coinbase Global by 833.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after buying an additional 100 shares during the period. Concord Wealth Partners raised its holdings in Coinbase Global by 322.2% in the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock valued at $30,000 after acquiring an additional 87 shares in the last quarter. Mather Group LLC. acquired a new position in Coinbase Global during the 1st quarter worth $32,000. Crewe Advisors LLC increased its position in shares of Coinbase Global by 547.4% in the 2nd quarter. Crewe Advisors LLC now owns 123 shares of the cryptocurrency exchange’s stock worth $27,000 after purchasing an additional 104 shares during the last quarter. Finally, Lynx Investment Advisory bought a new position in shares of Coinbase Global during the second quarter worth about $29,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $173.93, for a total value of $4,013,434.75. Following the completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $91,487.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Brian Armstrong sold 23,075 shares of Coinbase Global stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $173.93, for a total value of $4,013,434.75. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $91,487.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Emilie Choi sold 8,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $176.09, for a total transaction of $1,408,720.00. Following the sale, the chief operating officer now owns 189,101 shares of the company’s stock, valued at $33,298,795.09. The disclosure for this sale can be found here. Insiders sold 111,562 shares of company stock worth $23,241,279 over the last ninety days. 23.43% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on COIN. JMP Securities reiterated a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a research report on Friday, August 2nd. Canaccord Genuity Group reaffirmed a “buy” rating and set a $280.00 target price on shares of Coinbase Global in a research note on Friday, August 2nd. Compass Point reduced their price objective on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. The Goldman Sachs Group decreased their price target on Coinbase Global from $255.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, July 11th. Finally, Bank of America dropped their price objective on Coinbase Global from $263.00 to $246.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $246.06.

Coinbase Global Trading Down 7.7 %

NASDAQ COIN opened at $147.35 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.51. Coinbase Global, Inc. has a 1-year low of $69.63 and a 1-year high of $283.48. The firm’s fifty day simple moving average is $210.96 and its 200-day simple moving average is $223.56. The company has a market capitalization of $36.18 billion, a PE ratio of 29.41 and a beta of 3.36.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.93). The firm had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.40 billion. Coinbase Global had a return on equity of 13.89% and a net margin of 31.46%. The business’s revenue for the quarter was up 104.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.42) earnings per share. As a group, sell-side analysts anticipate that Coinbase Global, Inc. will post 4.28 earnings per share for the current fiscal year.

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.