Joule Financial LLC Makes New $1.23 Million Investment in Coinbase Global, Inc. $COIN

Joule Financial LLC bought a new stake in Coinbase Global, Inc. (NASDAQ:COIN) during the second quarter, Holdings Channel reports. The institutional investor bought 3,513 shares of the cryptocurrency exchange’s stock, valued at approximately $1,231,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Bessemer Group Inc. increased its holdings in shares of Coinbase Global by 297.4% in 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 during the period. McClarren Financial Advisors Inc. acquired a new stake in Coinbase Global during the first quarter worth approximately $30,000. S Bank Fund Management Ltd purchased a new stake in Coinbase Global in the 1st quarter worth approximately $31,000. SouthState Corp lifted its stake in shares of Coinbase Global by 128.4% during 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 purchased a new position in shares of Coinbase Global during the 1st quarter worth $33,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

COIN has been the subject of several analyst reports. Piper Sandler reiterated a “neutral” rating and issued a $350.00 target price on shares of Coinbase Global in a research note on Thursday, July 31st. The Goldman Sachs Group lifted their price target on Coinbase Global from $351.00 to $363.00 and gave the company a “neutral” rating in a report on Friday. Erste Group Bank assumed coverage on shares of Coinbase Global in a research note on Wednesday, July 23rd. They set a “buy” rating for the company. Canaccord Genuity Group reissued a “buy” rating and issued a $400.00 target price on shares of Coinbase Global in a research report on Friday, August 1st. Finally, William Blair initiated coverage on shares of Coinbase Global in a report on Wednesday, June 11th. They issued an “outperform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Coinbase Global presently has an average rating of “Moderate Buy” and a consensus target price of $367.27.

Insiders Place Their Bets

In other news, CFO Alesia J. Haas sold 4,675 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $322.24, for a total value of $1,506,472.00. Following the completion of the sale, the chief financial officer directly owned 89,220 shares in the company, valued at approximately $28,750,252.80. The trade was a 4.98% 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, insider Lawrence J. Brock sold 5,903 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $311.37, for a total value of $1,838,017.11. Following the transaction, the insider owned 478 shares in the company, valued at $148,834.86. This trade represents a 92.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 714,515 shares of company stock worth $272,046,775. Corporate insiders own 23.43% of the company’s stock.

Coinbase Global Price Performance

Shares of COIN stock opened at $380.02 on Monday. The firm has a fifty day moving average of $323.62 and a two-hundred day moving average of $282.11. The firm has a market cap of $97.64 billion, a P/E ratio of 36.75 and a beta of 3.68. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 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 the consensus estimate of $1.68 billion. Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The business’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.14 EPS. As a group, research analysts anticipate 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.