Kentucky Retirement Systems Insurance Trust Fund Takes Position in Coinbase Global, Inc. (NASDAQ:COIN)

Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 5,892 shares of the cryptocurrency exchange’s stock, valued at approximately $1,015,000.

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Coinbase Global by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange’s stock valued at $4,573,462,000 after buying an additional 128,802 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Coinbase Global by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock valued at $882,822,000 after buying an additional 127,075 shares during the last quarter. Norges Bank acquired a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $536,484,000. Groupama Asset Managment acquired a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $372,450,000. Finally, Northern Trust Corp lifted its position in shares of Coinbase Global by 20.3% in the fourth quarter. Northern Trust Corp now owns 1,294,758 shares of the cryptocurrency exchange’s stock valued at $321,488,000 after buying an additional 218,400 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Frederick Ernest Ehrsam III sold 15,517 shares of Coinbase Global stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $260.98, for a total value of $4,049,626.66. Following the transaction, the director now owns 10,417 shares in the company, valued at approximately $2,718,628.66. This trade represents a 59.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $198.12, for a total value of $1,981,200.00. Following the completion of the transaction, the insider now owns 83,313 shares in the company, valued at approximately $16,505,971.56. The trade was a 10.72% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 212,915 shares of company stock worth $48,349,215 in the last 90 days. Company insiders own 23.43% of the company’s stock.

Coinbase Global Price Performance

Coinbase Global stock opened at $307.59 on Tuesday. The stock’s fifty day moving average price is $235.05 and its two-hundred day moving average price is $239.61. Coinbase Global, Inc. has a one year low of $142.58 and a one year high of $349.75. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52. The firm has a market cap of $78.09 billion, a PE ratio of 57.60, a price-to-earnings-growth ratio of 22.47 and a beta of 3.62.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter last year, the business earned $2.53 EPS. Coinbase Global’s revenue was up 24.2% on a year-over-year basis. As a group, research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Piper Sandler raised their price objective on Coinbase Global from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Friday, May 9th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $400.00 price objective on shares of Coinbase Global in a research report on Friday, May 9th. Citigroup reissued a “neutral” rating on shares of Coinbase Global in a report on Thursday, May 8th. China Renaissance began coverage on Coinbase Global in a report on Tuesday, June 17th. They set a “buy” rating and a $353.30 price target for the company. Finally, JPMorgan Chase & Co. dropped their price target on Coinbase Global from $276.00 to $215.00 and set a “neutral” rating for the company in a report on Friday, May 9th. Eleven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Coinbase Global presently has an average rating of “Moderate Buy” and an average target price of $277.33.

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.