Means Investment CO. Inc. Invests $278,000 in Coinbase Global, Inc. $COIN

Means Investment CO. Inc. acquired a new position in Coinbase Global, Inc. (NASDAQ:COIN) in the 2nd quarter, Holdings Channel reports. The firm acquired 792 shares of the cryptocurrency exchange’s stock, valued at approximately $278,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Bessemer Group Inc. increased its stake in shares of Coinbase Global by 297.4% during the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock valued at $26,000 after purchasing an additional 113 shares in the last quarter. McClarren Financial Advisors Inc. bought a new stake in shares of Coinbase Global during the first quarter valued at approximately $30,000. S Bank Fund Management Ltd bought a new stake in Coinbase Global in the 1st quarter worth approximately $31,000. SouthState Corp grew its position in Coinbase Global by 128.4% in the 1st 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, NBT Bank N A NY bought a new stake in Coinbase Global in the 1st quarter worth approximately $33,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

COIN has been the subject of a number of research analyst reports. JMP Securities lifted their target price on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a “market outperform” rating in a research report on Monday, July 14th. Argus assumed coverage on shares of Coinbase Global in a research note on Monday, July 14th. They set a “buy” rating and a $400.00 price target on the stock. Redburn Partners set a $417.00 price target on shares of Coinbase Global in a research note on Friday, October 3rd. Benchmark lifted their price target on shares of Coinbase Global from $301.00 to $421.00 and gave the stock a “buy” rating in a research note on Monday, June 23rd. Finally, Bank of America dropped their price target on shares of Coinbase Global from $369.00 to $340.00 in a research note on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $367.12.

Insiders Place Their Bets

In related news, CEO Brian Armstrong sold 198,300 shares of Coinbase Global stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $209,279.62. The trade was a 99.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Grewal sold 15,439 shares of the business’s stock in a transaction on Monday, August 25th. The stock was sold at an average price of $310.80, for a total transaction of $4,798,441.20. Following the completion of the sale, the insider owned 82,328 shares in the company, valued at approximately $25,587,542.40. The trade was a 15.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 721,764 shares of company stock worth $273,595,798. 17.65% of the stock is owned by corporate insiders.

Coinbase Global Stock Down 7.7%

COIN opened at $357.01 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The firm’s fifty day moving average is $325.06 and its 200 day moving average is $287.80. The stock has a market cap of $91.73 billion, a price-to-earnings ratio of 34.53 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN) last released its earnings results 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 firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter last year, the firm posted $0.14 EPS. The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, sell-side analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal 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.