Louisiana State Employees Retirement System Acquires New Shares in Coinbase Global, Inc. $COIN

Louisiana State Employees Retirement System acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the 2nd quarter, Holdings Channel reports. The fund acquired 11,200 shares of the cryptocurrency exchange’s stock, valued at approximately $3,925,000.

Several other large investors have also bought and sold shares of COIN. Groupama Asset Managment boosted its stake in Coinbase Global by 100.0% in the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock valued at $516,690,000 after buying an additional 1,500,000 shares in the last quarter. Vanguard Group Inc. boosted its position in Coinbase Global by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock worth $3,323,084,000 after purchasing an additional 875,359 shares during the last quarter. Nuveen LLC purchased a new position in Coinbase Global in the first quarter worth $83,454,000. Amundi boosted its position in Coinbase Global by 44.1% in the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange’s stock worth $268,850,000 after purchasing an additional 481,786 shares during the last quarter. Finally, Perpetual Ltd purchased a new position in Coinbase Global in the second quarter worth $62,324,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

COIN has been the topic of several research analyst reports. HC Wainwright reissued a “sell” rating and issued a $300.00 price objective on shares of Coinbase Global in a research report on Friday, August 1st. Weiss Ratings restated a “hold (c+)” rating on shares of Coinbase Global in a research note on Saturday, September 27th. Williams Trading set a $405.00 target price on Coinbase Global in a research note on Thursday, July 31st. China Renaissance started coverage on Coinbase Global in a research note on Tuesday, June 17th. They issued a “buy” rating and a $353.30 target price on the stock. Finally, Rothschild & Co Redburn upgraded Coinbase Global from a “neutral” rating to a “buy” rating and boosted their target price for the company from $325.00 to $417.00 in a research note on Friday, October 3rd. One investment 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $367.12.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $387.27 on Thursday. 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 52-week low of $142.58 and a 52-week high of $444.64. The firm has a market cap of $99.51 billion, a price-to-earnings ratio of 37.45 and a beta of 3.68. The business’s fifty day moving average is $324.03 and its 200 day moving average is $284.83.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data 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 company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the firm posted $0.14 earnings per share. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. Research analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $345.88, for a total transaction of $3,458,800.00. Following the sale, the insider directly owned 82,328 shares in the company, valued at approximately $28,475,608.64. The trade was a 10.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Jennifer N. Jones sold 1,756 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $300.52, for a total value of $527,713.12. The disclosure for this sale can be found here. Insiders sold a total of 749,515 shares of company stock worth $284,392,325 in the last 90 days. 17.65% of the stock is owned by company insiders.

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.